{"id":677730,"date":"2025-12-23T00:00:00","date_gmt":"2025-12-23T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2025\/12\/23\/the-cbe-is-gently-throttling-the-consumer-credit-engine\/"},"modified":"2025-12-23T04:15:00","modified_gmt":"2025-12-23T04:15:00","slug":"the-cbe-is-gently-throttling-the-consumer-credit-engine","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2025\/12\/23\/the-cbe-is-gently-throttling-the-consumer-credit-engine\/","title":{"rendered":"The CBE is (gently) throttling the consumer credit engine"},"content":{"rendered":"

The Central Bank of Egypt (CBE) is moving to pre-empt any potential <\/strong>consumer credit <\/strong>bubble,<\/strong> tightening the screws on how banks fund non-bank financial institutions, industry sources told EnterpriseAM. The CBE has verbally instructed banks that they must now obtain prior approval before participating in any securitization transaction, we were told. <\/p>\n

Why this matters:<\/strong> Until now, banks were the reliable, high-volume buyers of securitized bonds, which are the lifeblood of the consumer finance industry. By requiring prior approval, the central bank is effectively installing a kill switch on the flow of capital from bank deposits to consumer finance players. Consumer finance has exploded in popularity amid an affordability crisis prompted by spiraling inflation in recent years. <\/p>\n

\n

The bigger picture<\/p>\n

This is not an isolated regulatory tweak:<\/strong> It appears to be the second half of a coordinated effort by regulators to cool the consumer lending market amid widespread expectations that the central bank will continue to lower interest rates throughout 2026. In October, the Financial Regulatory Authority extended its suspension<\/a> of new licenses for consumer finance and microfinance companies for another year, effectively freezing the market structure. And now, the central bank is restricting the funding of the existing players. <\/p>\n

The goal? A controlled landing.<\/strong> \u201cThe CBE is acting proactively \u2026 specifically, high inflation could lead to a spike in consumer default rates,\u201d former Industrial Development Bank Chairman Maged Fahmy told us. By restricting securitization, the CBE forces consumer lenders to slow down their origination of new loans and pay closer attention to credit quality, preventing a bubble from forming just as borrowing costs are set to drop.<\/p>\n

After years of parking cash in high-yield government paper<\/strong>, banks are looking to protect <\/strong>margins as interest rates decline \u2014 and higher-return alternatives to traditional lending are definitely on the menu, economist Hany Abou El Fotouh told us. \u201cSecuritized bonds are attractive because they offer higher yields \u2014 and that is exactly what\u2019s worrying. Banks occasionally over-indulge in high-yield \u2018wrapped\u2019 debt without sufficient risk assessment. The CBE wants to ensure every securitization is built on strong, guaranteed assets, not just paper with an attractive coupon.\u201d<\/p>\n

\n

Securitization has been on a tear<\/p>\n

The move comes after an explosion in securitization activity this year.<\/strong> Securitized issuances surged 182.5% in value q-o-q to EGP 17.8 bn in 3Q 2025, according to FRA data (pdf)<\/a>. This month alone<\/strong>, we have reported on at least six securitization issuances worth a combined EGP 7.9 bn. <\/p>\n

\u201cThe risk is that this growth is concentrated almost entirely in consumer loans and real<\/strong> estate development<\/strong> \u2014 sectors most sensitive to economic shocks and eroding purchasing power,\u201d Abou El Fotouh said. Financing for consumer finance companies jumped 58% y-o-y to EGP 74.9 bn in the first 10 months of 2025. The surge in consumer lending creates risk for the banking sector, says Fahmy, noting that unchecked growth in the current inflationary climate creates a higher risk of default. <\/p>\n

If you run a consumer finance company, your cost of funds just became a major <\/strong>headache. <\/strong>The business model of many NBFIs relies on originating loans and then quickly securitizing them (selling them off) to free up capital to lend again. If banks \u2014 the primary buyers \u2014 are sidelined by red tape, that cycle slows down. Consumer finance companies may be forced to scale-back their installment sales operations, Fahmy warns.<\/p>\n

A tiny loophole?<\/strong> Microfinance firms issuing bonds through dedicated securitization companies \u2014 rather than directly through banks \u2014 might remain shielded, though the full scope of the mandate remains to be seen, Sanda Microfinance CEO Ahmed El Khatib told us.<\/p>\n

The global context: <\/strong>While painful for operators, the move brings Egypt in line with global norms. Markets including the US, UK, and Canada impose similar prior-notification rules on banks to monitor risk transfers, Agricultural Bank of Egypt Corporate Credit Risk Manager Hany Hafez notes. The decision will enhance transparency and shore-up risk management strategies across the system, he says.<\/p>\n

\n

Meanwhile: Consumer finance interest is now (mostly) exempt from VAT<\/p>\n

The<\/strong> Egyptian Tax Authority greenlit a decision to exempt interest on consumer finance <\/strong>from VAT<\/strong>, according to a circular from the authority seen by EnterpriseAM. The VAT exemption only applies to FRA-licensed companies who separate the value of interest from the value of the good or service on their invoices. There are currently 46 companies who fit the bill.<\/p>\n

Why this matters:<\/strong>The decision removes the tax risk that had threatened consumer finance players\u2019 margins and prevents a 14% increase in the cost of credit for consumers. It will also help companies and the tax authority close numerous disputed tax files, as it now allows companies to eliminate the provisions and accounting reservations they had been forced to set aside to hedge against these tax risks, thereby strengthening the sector\u2019s financial positions, Egyptian Consumer Finance Federation Chairman Saeed Zater told EnterpriseAM.<\/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","protected":false},"excerpt":{"rendered":"

The CBE has verbally instructed banks that they must now obtain prior approval before participating in any securitization transaction<\/p>\n","protected":false},"author":1,"featured_media":677731,"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":[7350],"tags":[204,271,7106,72,12408,83,85],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-677730","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-banking","tag-banking","tag-central-bank-of-egypt","tag-debt","tag-enterpriseam","tag-nbfis","tag-real-estate","tag-securitization","wpautop","entry"],"acf":{"mongo_id":"61abe4df-d713-43af-8423-e780c52b0582","order":"5","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/10\/828.jpg","photo_position":"above","homepage_title":"","full_issue_title":"As it prepares to cut rates, the CBE moves to throttle the consumer credit engine","related_issue":[677723],"teaser":"The CBE has verbally instructed banks that they must now obtain prior approval before participating in any securitization transaction"},"yoast_head":"\nThe CBE is (gently) throttling the consumer credit engine - 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Under\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":593612,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/10\/03\/egypts-cabinet-approves-new-banking-and-central-bank-act\/","url_meta":{"origin":677730,"position":3},"title":"Egypt\u2019s cabinet approves new Banking and Central Bank Act","author":"enterpriseam admin","date":"3 October 2019","format":false,"excerpt":"LEGISLATION WATCH- Cabinet greenlights Banking Act: The Madbouly Cabinet has approved in its weekly meeting a 242-article final draft of the Banking and Central Bank Act that would grant the Central Bank of Egypt (CBE) increased oversight of the banking sector, according to a cabinet statement. The draft will now\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\/2018\/11\/1115.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":571163,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/05\/03\/latest-draft-of-the-banking-act-is-set-to-go-to-the-house-today-includes-1-industry-development-tax-appears-to-scrap-proposed-term-limits-on-bank-mds\/","url_meta":{"origin":677730,"position":4},"title":"Latest draft of the Banking Act is set to go to the House today; includes 1% industry development tax, appears to scrap proposed term limits on bank MDs","author":"enterpriseam admin","date":"3 May 2020","format":false,"excerpt":"LEGISLATION WATCH- Latest draft of the Banking Act is set to go to the House today; includes 1% industry development tax, appears to scrap proposed term limits on bank MDs. The House Economic Committee has finalized amendments to a long-awaited overhaul of the Banking and Central Bank Act, clearing 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":572593,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/06\/30\/central-bank-of-egypt-grants-payment-facilitator-certification-to-rayas-aman\/","url_meta":{"origin":677730,"position":5},"title":"Central Bank of Egypt grants payment facilitator certification to Raya\u2019s Aman","author":"enterpriseam admin","date":"30 June 2020","format":false,"excerpt":"Raya Holding subsidiary Aman for e-payments has received approval from the Central Bank of Egypt (CBE) to become a certified payment facilitator, meaning it can now receive and process credit payments on behalf of banks, according to an EGX disclosure (pdf). 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