Egyptian Financial Supervisory Authority

Egyptian Financial Supervisory Authority

Board of Directors Secretariat

Decision of the Board of Directors of the Egyptian Financial Supervisory Authority

No. (97) for the year 2015 dated 6/9/2015 Regarding the Conditions, Rules, and Procedures for Licensing Microfinance Companies

Board of Directors of the Egyptian Financial Supervisory Authority

Having reviewed the Law Regulating Supervision over Non-Banking Financial Markets and Instruments, issued under Law No. 100 of 2009;
and the Law No. (141) of 2014 Regulating the Microfinance Activity;
and the Decision of the President of the Arab Republic of Egypt No. 192 of 2009 Issuing the Statute of the Egyptian Financial Supervisory Authority;
and the Decision of the Board of Directors of the Egyptian Financial Supervisory Authority No. 173 of 2014 and its amendments Regarding the Conditions, Rules, and Procedures for Licensing Microfinance Companies;
and upon the approval of the Board of Directors of the Egyptian Financial Supervisory Authority in its session held on 6/9/2015.

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(Article One)

The following paragraph shall be added to Article No. (33) under the heading "Client File" from the Rules and Regulations Governing Companies' Conduct of Microfinance Activity, issued by the Board of Directors' Decision No. 173 of 2014:

"Subject to the obligation to retain documents related to the last financing provided to the client for one year from the date the relationship ends.
In the event of a dispute regarding a prohibited financing, the associated documents shall be retained until the dispute is resolved."

(Article Two)

This Decision shall be implemented from the date of its issuance, and the competent departments are tasked with its execution.

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Chairman of the Board
Sherif Sasy

Egyptian Financial Supervisory Authority
Office of the Chairman
46076