{"id":653243,"date":"2024-10-14T00:00:00","date_gmt":"2024-10-14T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/10\/14\/fra-temporarily-suspends-issuing-new-microfinance-consumer-finance-licenses\/"},"modified":"2024-10-14T00:00:00","modified_gmt":"2024-10-14T00:00:00","slug":"fra-temporarily-suspends-issuing-new-microfinance-consumer-finance-licenses","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/10\/14\/fra-temporarily-suspends-issuing-new-microfinance-consumer-finance-licenses\/","title":{"rendered":"FRA temporarily suspends issuing new microfinance, consumer finance licenses"},"content":{"rendered":"

It could be a while before we see any new consumer finance or microfinance <\/strong>firms enter the market:<\/strong> The Financial Regulatory Authority (FRA) has suspended issuing new licenses for companies seeking to operate in consumer finance or microfinance for one year, according to a statement<\/a>. The decision \u2014 which took effect on 11 October \u2014 applies to traditional financing methods but excludes fintech-based services.<\/p>\n

(Tap or click the headline above to read this story with all of the links <\/strong>to our background as well as external sources.)<\/p>\n

The why:<\/strong> The move comes in response to a notable increase in licenses granted over the past two years \u2014 the authority handed out 10 microfinance and 15 consumer finance licenses over the past two years \u2014 raising concerns about the financial solvency of existing service providers. The decision aims to ensure that markets and non-banking financial institutions remain stable.<\/p>\n

DATA POINT- <\/strong>There are currently 25 licensed microfinance firms and 30 licensed consumer finance firms in the country, serving some 3.8 mn and 1.9 mn individuals, respectively. <\/p>\n

The fine print: <\/strong>The decision doesn\u2019t apply to companies that already received the preliminary greenlight to start operating in the consumer finance or microfinance spheres. The year-long suspension is subject for renewal as the authority sees fit. <\/p>\n

More efforts to strengthen the NBFI sector: <\/strong>The authority will soon start reviewing NBFIs\u2019 compliance with the minimum capital requirements. The regulator will also hold discussions with NBFIs in the coming days, prior to implementing Basel III financial solvency standards. <\/p>\n

Remember: <\/strong>The authority increased<\/a> the minimum capital requirement for NBFIs to EGP 75 mn from EGP 50 mn in 2023 and gave firms a year to comply. The new capital was introduced to ensure non-banking financial services firms have a buffer against external financial shocks and mitigate risk in the sector.<\/p>\n","protected":false},"excerpt":{"rendered":"

There are currently 25 licensed microfinance firms and 30 licensed consumer finance firms in the country<\/p>\n","protected":false},"author":1,"featured_media":653244,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","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":[8313],"tags":[514,72,76,503,311,595],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-653243","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-financial-services","tag-consumer-finance","tag-enterpriseam","tag-financial-regulatory-authority","tag-financial-services","tag-microfinance","tag-non-banking-financial-services","wpautop","entry"],"acf":{"mongo_id":"5194045b-5e00-483b-b511-1a33fdd05e69","order":"5","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/10\/1019.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Egypt temporarily suspends issuing new microfinance, consumer finance licenses","related_issue":[653235],"teaser":"There are currently 25 licensed microfinance firms and 30 licensed consumer finance firms in the country","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/10\/.81305f5c-f729-4ee1-9c06-4ffd991741f1.mp3"},"yoast_head":"\nFRA temporarily suspends issuing new microfinance, consumer finance licenses - 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The move comes as part of the regulator\u2019s drive to increase financial inclusion by\u2026","rel":"","context":"In "Finance"","block_context":{"text":"Finance","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/finance\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/8\/450.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":564300,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/08\/23\/ekh-to-establish-microfinance-firm-bedayti-by-4q2021-eyes-consumer-finance\/","url_meta":{"origin":653243,"position":1},"title":"EKH to establish microfinance firm Bedayti by 4Q2021, eyes consumer finance","author":"enterpriseam admin","date":"23 August 2021","format":false,"excerpt":"Egypt Kuwait Holding (EKH) plans to expand its footprint in financial services by establishing a microfinance firm called Bedayti during 4Q2021, source from EKH told Enterprise. The holding company has received initial approval to set up the lender from the Financial Regulatory Authority and expects to receive the final go-ahead\u2026","rel":"","context":"In "SPEED ROUND: MICROFINANCE"","block_context":{"text":"SPEED ROUND: MICROFINANCE","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round-microfinance\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/8\/501.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":591397,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/12\/04\/egypts-nbfs-watchdog-to-issue-nano-lending-licenses-soon\/","url_meta":{"origin":653243,"position":2},"title":"Egypt\u2019s NBFS watchdog to issue nano lending licenses soon","author":"enterpriseam admin","date":"4 December 2019","format":false,"excerpt":"The Financial Regulatory Authority (FRA) has received two applications from unnamed microfinance companies looking to obtain a license to to begin offering nano lending services, microfinance development expert at the FRA Ahmed Abdel Gawad said. The authority is expected to issue the licenses by next month, Abdel Gawad added. Nano\u2026","rel":"","context":"In "Banking + Finance"","block_context":{"text":"Banking + Finance","link":"https:\/\/enterpriseam.com\/egypt\/category\/banking-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":574886,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/09\/24\/gb-autos-drive-gets-fra-nod-for-consumer-finance-license\/","url_meta":{"origin":653243,"position":3},"title":"GB Auto\u2019s Drive gets FRA nod for consumer finance license","author":"enterpriseam admin","date":"24 September 2020","format":false,"excerpt":"GB Auto\u2019s car finance arm Drive has received preliminary approval from the Financial Regulatory Authority for a full consumer financing license, according to an emailed press release (pdf). The license will allow Drive to offer consumer finance services beyond the core car finance business for which it is known. GB\u2026","rel":"","context":"In "Banking + Finance"","block_context":{"text":"Banking + Finance","link":"https:\/\/enterpriseam.com\/egypt\/category\/banking-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":572753,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/07\/07\/egyptian-consumer-finance-firm-sarwa-looks-to-set-up-transferable-value-fund\/","url_meta":{"origin":653243,"position":4},"title":"Egyptian consumer finance firm Sarwa looks to set up transferable value fund","author":"enterpriseam admin","date":"7 July 2020","format":false,"excerpt":"Sarwa Capital filed with the Financial Regulatory Authority (FRA) to set up a \u201ctransferable value\u201d fund, a new type of fund through which it can transfer receivables, the local press reports. The market regulator had issued a decision last month allowing the creation of these funds, which are dedicated to\u2026","rel":"","context":"In "Banking + Finance"","block_context":{"text":"Banking + Finance","link":"https:\/\/enterpriseam.com\/egypt\/category\/banking-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":564172,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/08\/15\/and-egypts-first-microleasing-license-goes-to\/","url_meta":{"origin":653243,"position":5},"title":"And Egypt\u2019s first microleasing license goes to...","author":"enterpriseam admin","date":"15 August 2021","format":false,"excerpt":"Tasaheel acquires Egypt\u2019s first microleasing license: Micro lender Tasaheel was today granted the first license for microfinance leasing in the Egyptian market by the Financial Regulatory Authority (FRA), a source at the regulator told Enterprise today. This will make the company \u2014 which also received the country\u2019s first SME microfinancing\u2026","rel":"","context":"In "SPEED ROUND: FINANCE"","block_context":{"text":"SPEED ROUND: FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round-finance\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/8\/429.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/653243","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=653243"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/653243\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/653235"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/653244"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=653243"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=653243"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=653243"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=653243"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=653243"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}