Egypt Financial Regulatory Authority holds joint workshop with Central Bank of Egypt on credit data reporting for non-bank finance firms

The Egypt Financial Regulatory Authority held a specialised workshop at its headquarters with the Central Bank of Egypt for companies operating in the non-bank finance sector, aimed at strengthening integration with credit databases and improving the accuracy and regularity of customer data reporting. The exercise focused on firms whose credit facilities granted to clients are around EGP 300,000 and forms part of the two authorities’ efforts to improve market efficiency and reinforce transparency and disclosure. The workshop gave practical guidance on using the procedures manual on the Central Bank of Egypt’s information network and trained responsible staff on how to submit customer data declarations accurately and on a regular basis. Discussions focused on improving the quality of data on credit positions and making reliable, up-to-date information available to financing providers so they can take sounder credit decisions, reduce risk and support the growth of the non-bank finance sector. At the close of the workshop, the Egypt Financial Regulatory Authority and the Central Bank of Egypt said they would continue cooperating in the next phase to support credit market efficiency, while the Financial Regulatory Authority also indicated that further awareness and training programmes would continue across non-bank financial activities.