Egypt Financial Regulatory Authority held an expanded meeting with the anti-fraud committee of the consumer finance federation and representatives of about 48 companies to review execution steps against fraud and cash-out schemes in consumer finance. The main operational update was progress on the unified central database of entities and individuals involved in fraud or cashing out consumer finance, which the authority presented as part of a broader effort to strengthen data sharing, risk management, credit decision-making and consumer protection in the sector. The database was created under Board Decision No. 222 of 2025, which requires companies to have mechanisms to detect and prevent the cash-out of finance granted to customers, requires the federation to build, maintain and connect the database to the authority, and prohibits dealing with listed sellers and goods providers. The meeting also reviewed fraud patterns including identity impersonation, document forgery and cash-out activity. Enhancements include a separate watch list alongside the negative list, the ability for more than one company to report the same customer, wider file editing rights within firms, the option to record multiple customers in one case, more supporting attachments and bulk upload of data including governorate codes. The database covers parties found to have engaged in harmful practices, including employees, merchants and brokers. The anti-fraud committee plans to launch a public awareness campaign on the benefits and safe use of consumer finance and is working on real-time case reporting through electronic links between companies and the system using application programming interface integration. The authority also set out a phased expansion of the system to the federation of microfinance companies and then other financial federations, while the committee recommended that firms update anti-fraud policies and procedures, invest in staff training and produce periodic analytical reports on fraud trends.
Egypt Financial Regulatory Authority 2026-05-10
Egypt Financial Regulatory Authority advances consumer finance anti-fraud system with new watch list and planned API links
The Egypt Financial Regulatory Authority met with the consumer finance federation’s anti-fraud committee and 48 companies to review anti-fraud and cash-out measures, highlighting progress on a unified central database of entities and individuals created under Board Decision No. 222 of 2025. Enhancements include a separate watch list, expanded reporting and editing capabilities, broader coverage of harmful actors, and plans for real-time case reporting via APIs and phased expansion to microfinance and other financial federations.