The Egypt Financial Regulatory Authority issued a decision requiring the Consumer Finance Union to compile a prohibition list of entities and individuals proven to have converted consumer finance granted for consumption into cash, and requiring consumer finance companies to halt and permanently avoid direct dealings with those involved. The decision covers all parties in the consumer finance ecosystem, including sellers and providers of goods and services, brokers, customers, and employees of consumer finance companies. Firms must exclude any detected or proven participants from their seller and service-provider networks, take legal action against employees found to have participated, and notify the union with the names of those involved and supporting documents. The Consumer Finance Union must establish an electronic link with the Financial Regulatory Authority to provide available data on incidents, and credit information companies must be notified with details of customers proven to have participated. The union is required to maintain a periodically updated list of violations and incidents and make it available to its members, with removal from the prohibition list предусмотр once the listed party has regularised its position.
Egypt Financial Regulatory Authority 2025-09-18
Egypt Financial Regulatory Authority mandates a consumer finance blacklist and market-wide bans to curb cashing out of consumer finance
The Egypt Financial Regulatory Authority mandates the Consumer Finance Union to create a prohibition list of entities and individuals who have misused consumer finance for cash conversion. Consumer finance companies must cease dealings with those involved and report them to the union, which will maintain and update the list. An electronic link with the authority will facilitate data sharing, and credit information companies will be informed of violators.