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Financial Authority mandates OTP in customer verification within two months
The Chairman of the General Authority for Financial Supervision, Islam Azam, issued a decision requiring consumer finance companies and small, medium, and microfinance firms to implement an OTP (One-Time Password) verification system within two months when contracting with clients and using financing. The aim of this decision is to strengthen the procedures for verifying customer data and protect their rights by enabling the sending of the verification code via phone at the time of contract or financing use. This measure is intended to prevent data manipulation and identity theft. It aligns with the Authority’s efforts to oversee negative practices and improve security standards in the non-banking financial activities. Companies are required to comply with these new regulatory rules within a maximum period of two months to ensure swift implementation.
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