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Finance Authority Uncovers Parent Loan Scheme
The Financial Regulatory Authority has revealed that a consumer finance company delegated "Global Bardem School" to collect parents' data, which led to them obtaining loans and financing totaling approximately 321 million Egyptian pounds without their knowledge. The official explained that this conduct constitutes a violation of the laws governing the consumer finance sector, which is one of the vital economic sectors enabling citizens to access goods and services without the need for immediate liquidity. He also pointed out that the sector is subject to strict controls, including assessing the customer's repayment ability and verifying their identity, to prevent burdening clients with financial obligations they cannot bear. He assured that these violations have resulted in the settlement of some beneficiaries' debts, and moreover, the sector is experiencing noticeable growth—including over 8 million beneficiaries within the first six months of 2026.
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