The Egypt Financial Regulatory Authority (FRA) has expanded its negative list of entities operating in breach of non-banking financial laws, adding three companies and 36 social media pages, and renewed its warning for the public not to engage with unlicensed investment or financing solicitations. The additions relate to cases where companies allegedly invited the public to place money for investment without following procedures under Law No. 146 of 1988 and promoted public subscriptions without required approvals. The list also covers online pages that encourage consumer finance customers to cash out granted credit limits, which the FRA described as diverting consumer finance from its permitted purpose by effectively converting it into cash financing contrary to the consumer finance framework. The FRA noted that the negative list, first published in May based on complaints received, will be updated periodically, and pointed users to its online resources to check both the negative list and the register of licensed non-banking financial service providers and to use its dedicated channels to report suspected fraud or seek regulatory clarification.
Egypt Financial Regulatory Authority 2025-09-03
Egypt Financial Regulatory Authority adds 3 companies and 36 social media pages to negative list and reiterates warning against unlicensed investment and financing offers
The Egypt Financial Regulatory Authority (FRA) added three companies and 36 social media pages to its negative list for breaching non-banking financial laws. These entities allegedly solicited investments without authorization and promoted unauthorized consumer finance practices. The FRA warned against engaging with unlicensed financial solicitations and emphasized online resources for verifying licensed providers and reporting fraud.