14 Hrs
Source:
المصدر
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FRA reviews financing efforts
Rehab Taha, Assistant Chairperson of the Financial Regulatory Authority, outlined the Authority’s measures to improve the efficiency of non-bank finance. These include moving to real-time supervision, linking consumer finance companies with the Egyptian Credit Bureau, and requiring companies to use phone verification codes to protect customers from identity theft and fraud. The measures come as consumer finance has grown over five years from EGP 8 billion serving around 262,000 people to nearly EGP 96 billion serving approximately 12 million. The Authority has also called for behavioral scoring and alternative data to be used when assessing creditworthiness, while ensuring that customers can learn why their applications were rejected and correct their personal data. The aim is to promote sustainable growth and protect consumers.
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