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بوابة الفجر
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Finance Authority exposes school owner’s unauthorized parent loan use
The General Authority for Financial Control has revealed that one of the consumer finance companies obtained loans totaling approximately 321 million Egyptian pounds in the names of guardians without their knowledge. This occurred after the school "Global Paradigm" authorized the company to collect data. The Authority confirmed that the school violated the regulations governing the financing activity by gathering and sending data without the owners' consent, which led to a deterioration in their credit ratings. It also indicated that the sector is a vital part of the Egyptian economy, with over 8 million beneficiaries during the first half of 2026. The Authority stated that it will take measures to hold the offending company accountable, emphasizing the importance of adhering to regulations to protect clients.
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