Regulatory Alerts2014-01-01
Decision of the Board of Directors of the Authority No. (171) of 2014
The Egyptian Financial Supervisory Authority issued Decision No. 171 of 2014 to establish mandatory service fees for entities licensed to conduct microfinance activities under Law No. 141 of 2014. Licensed companies must pay a 10,000 Egyptian pound fee for temporary license review and a quarterly supervision fee calculated at 0.5 per thousand of their average client financing balances, while licensed associations and non-profit institutions pay a 500 Egyptian pound license review fee and a quarterly supervision fee of 0.25 per thousand of their average client financing balances. All supervision and control fees are due within six weeks following the end of each quarter and the decision takes effect the day after its publication in the Official Gazette and on the Authority's website.