The Egypt Financial Regulatory Authority (FRA) added eight social media pages to its negative list of entities operating in breach of non-banking financial laws and renewed its warning to the public not to engage with unlicensed investment or financing offers. It cautioned that dealing with such pages and entities can expose citizens to serious financial risks and loss of rights. The newly listed pages include accounts encouraging consumer finance customers to convert granted credit limits into cash, which the FRA said diverts consumer finance from its permitted purpose by turning it into cash financing contrary to the law governing consumer finance. Another page was found to be providing technical advice to Egyptian Exchange market participants using artificial intelligence programmes without a licence. The authority stated that all pages and entities on the negative list have neither regularised their status nor applied for authorisation. The negative list, first announced in May and compiled based on complaints received by the regulator, will be updated periodically in light of developments. The FRA also referenced dedicated channels for reporting suspected fraud and for firms seeking to confirm whether their business models meet legislative and supervisory requirements.
Egypt Financial Regulatory Authority 2025-09-23
Egypt Financial Regulatory Authority adds eight social media pages to its negative list and warns against unlicensed non-banking financial activity
The Egypt Financial Regulatory Authority (FRA) added eight social media pages to its negative list for breaching non-banking financial laws and warned the public against unlicensed investment offers. These pages convert consumer finance credit limits into cash and provide unlicensed technical advice using AI. The FRA emphasized the financial risks and noted that none of the listed entities have sought authorization.