{"id":570457,"date":"2020-04-01T04:26:33","date_gmt":"2020-04-01T04:26:33","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2020\/04\/01\/consumer-finance-companies-are-looking-fra-licensing\/"},"modified":"2020-04-01T04:26:33","modified_gmt":"2020-04-01T04:26:33","slug":"consumer-finance-companies-are-looking-fra-licensing","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2020\/04\/01\/consumer-finance-companies-are-looking-fra-licensing\/","title":{"rendered":"Consumer finance companies are looking FRA licensing"},"content":{"rendered":"

<\/a> valU, Premium Card, Souhoola and Aman are looking for consumer finance licensing: <\/strong>Consumer finance outfits valU (an arm of EFG Hermes), Premium Card, Aman Installment Company (a subsidiary of Raya Holding), and Souhoola (a CI Capital subsidiary) will apply to the Financial Regulatory Authority (FRA) to receive licenses, according to Al Mal<\/a>. The licenses will be awarded under the Consumer Credit Act, a piece of legislation that regulates the consumer finance sector.\u00a0President Abdel<\/a>Fattah El Sisi ratified<\/a> the legislation last month.<\/p>\n

CORRECTION- 1 April 2020<\/em><\/p>\n

An earlier version of this story suggested that the companies had already submitted initial requests for the license.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

valU, Premium Card, Souhoola and Aman are looking for consumer finance licensing: Consumer finance outfits valU (an arm of EFG Hermes), Premium Card, Aman Installment Company (a subsidiary of Raya Holding), and Souhoola (a CI Capital subsidiary) will apply to the Financial Regulatory Authority (FRA) to receive licenses, according to Al Mal. The licenses will […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[8572],"tags":[616,4891,136,2130,84,72,7087,76,4259,2380,515],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-570457","post","type-post","status-publish","format-standard","hentry","category-speed-round","tag-aman-financial-services","tag-aman-installment-company","tag-ci-capital","tag-consumer-finance-act","tag-efg-hermes","tag-enterpriseam","tag-finance","tag-financial-regulatory-authority","tag-souhoola","tag-speed-round","tag-valu","wpautop","entry"],"acf":{"mongo_id":"cd39d33a-d020-4360-8ffd-4b63acd46c9e","is_powered_by":true,"section_story_id":"8926ffc6-5b95-4fc2-8d37-7ca3c9cb4420","story_type":"1","photo_url":"","photo_position":"above","related_issue":[570447],"teaser":"","voice_url":""},"yoast_head":"\nConsumer finance companies are looking FRA licensing - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2020\/04\/01\/consumer-finance-companies-are-looking-fra-licensing\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Consumer finance companies are looking FRA licensing\" \/>\n<meta property=\"og:description\" content=\"valU, Premium Card, Souhoola and Aman are looking for consumer finance licensing: Consumer finance outfits valU (an arm of EFG Hermes), Premium Card, Aman Installment Company (a subsidiary of Raya Holding), and Souhoola (a CI Capital subsidiary) will apply to the Financial Regulatory Authority (FRA) to receive licenses, according to Al Mal. 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The FRA also granted Raya Holding subsidiary Aman the second license. Other consumer finance outfits applyingto receive\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":572620,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/07\/01\/seven-would-be-consumer-finance-companies-want-to-enter-the-increasingly-crowded-industry\/","url_meta":{"origin":570457,"position":1},"title":"Seven would-be consumer finance companies want to enter the increasingly crowded industry","author":"enterpriseam admin","date":"1 July 2020","format":false,"excerpt":"Seven consumer finance companies have license applications in with the FRA to formally join an increasingly crowded industry, Al Mal reports, citing unnamed sources with knowledge of the matter. The newspaper suggests there are as many as 25 consumer finance companies that need to finish their license applications, with the\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":566735,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/07\/11\/gb-auto-gets-fra-nod-to-expand-consumer-finance-activities\/","url_meta":{"origin":570457,"position":2},"title":"GB Auto gets FRA nod to expand consumer finance activities","author":"enterpriseam admin","date":"11 July 2021","format":false,"excerpt":"GB Auto has landed final regulatory approval to launch new consumer finance activities for factoring arm Drive, according to a company statement (pdf). 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Drive had received an initial\u2026","rel":"","context":"In "SPEED ROUND: CONSUMER FINANCE"","block_context":{"text":"SPEED ROUND: CONSUMER FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round-consumer-finance\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":605133,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/12\/23\/egypts-fra-involves-businesses-in-consumer-credit-act-draft\/","url_meta":{"origin":570457,"position":3},"title":"Egypt\u2019s FRA involves businesses in Consumer Credit Act draft","author":"enterpriseam admin","date":"23 December 2018","format":false,"excerpt":"LEGISLATION WATCH- FRA wants business input into its proposed Consumer Credit Act: The Financial Regulatory Authority (FRA) has opened consultations with the business community over a proposed law to regulate consumer finance providers, unnamed sources told Al Mal. 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