Regulatory Alerts2019-01-01
Board of Directors Decision No. 87 of 2019
The Egyptian Financial Regulatory Authority (FRA) issued Board Decision No. 87 of 2019 to authorize and regulate licensed microfinance entities acting as prepaid card payment service providers for registered banks. The decision delineates permitted operational functions, mandates formal application procedures with a five-day review period, and enforces strict compliance requirements regarding contract submission, transaction reporting, and client data retention. Additionally, it establishes fixed examination fees of 5,000 EGP for companies and 3,000 EGP for associations or institutions, with the regulation taking effect the day after publication in the Egyptian Gazette.
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