Decisions

The Financial Regulatory Authority

Board of Directors Decision No. 8 of 2018

Dated 27/3/2018

Amending certain provisions of Board of Directors Decision No. 31 of 2015 Regarding the Rules and Standards for Practicing the Microfinance Activity for Associations and Civil Society Institutions The Board of Directors of the Financial Regulatory Authority Having reviewed Law No. 10 of 2009 regarding the regulation of supervision over markets and non-banking financial instruments; and Law No. 141 of 2014 regulating the microfinance activity; and Law No. 70 of 2017 regarding the regulation of the work of associations and other institutions operating in the field of civil society work; and Presidential Decision No. 192 of 2009 issuing the Basic Statute of the Financial Regulatory Authority; and Board of Directors Decision No. 159 of 2014 regarding the Basic Statute of the Supervisory Unit for the Microfinance Activity of Associations and Civil Society Institutions; and Board of Directors Decision No. 31 of 2015 regarding the rules and standards for practicing the microfinance activity for associations and civil society institutions; and upon the approval of the Board of Directors in its session held on 27/3/2018:

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Decided:

(Article One)

Two new articles are added to the aforementioned Board of Directors Decision No. 31 of 2015 numbered (28 bis), (28 bis "1"), with their text as follows:

Article 28 bis – Mobile Payment Systems Service Regulations:

Associations and civil society institutions shall be entitled, upon obtaining approval from the Supervisory Unit for the Microfinance Activity of Associations and Civil Society Institutions, to utilize mobile payment systems services in granting financing and collection activities related to the microfinance activity.

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(Article Two)

This Decision shall be published in the Egyptian Gazette and on the Authority's website, and shall take effect from the day following its publication in the Egyptian Gazette.

Chairman of the Board of Directors Dr. Mohamed Omran

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Notes from the Text:

• Two new articles (28 bis and 28 bis "1") are added to Decision No. 31 of 2015.
• Article 28 bis regulates the use of mobile payment systems services for associations and civil society institutions, following approval from the supervisory unit.
• Article 28 bis "1" regulates collection and collection through mobile phones.
• The Decision is published in the Egyptian Gazette and applies from the day following publication.
• The Decision is signed by the Chairman of the Board of Directors: Dr. Mohamed Omran.