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اليوم السابع
Risks to Consumer Finance Operations
The Consumer Financing Activity Regulation Law in Egypt, No. 18 of 2020, emphasizes strict oversight of installment financing companies to ensure consumer protection and market stability. The law stipulates that the General Authority for Financial Supervision supervises these companies, handling complaints, monitoring violations, and has the authority to issue warnings, suspend activities, revoke licenses, or shut down non-compliant companies. Companies must be established as joint-stock companies with a minimum capital of 10 million Egyptian pounds. Their founders are required to possess technological and financial expertise and to adhere to risk management and financial solvency standards, including credit inquiries, to ensure transparency and protect clients from unlawful practices.
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