Regulatory Alerts2018-01-01
Decision of the Board of Directors No. 137 of 2018 Regarding Conditions for Granting and Renewing Licenses for Financial Leasing and Factoring Companies
The General Authority for Financial Supervision (GAFS) issued Decision No. 137 of 2018 (amended in 2023) to establish the licensing conditions, renewal procedures, and professional competence requirements for financial leasing and factoring companies in Egypt. The regulation mandates a minimum paid-up capital of 75 million EGP, requires at least 50% legal entity and 25% financial institution ownership, and imposes strict background checks, educational qualifications, and interview processes for board members and senior management. It further outlines application procedures, documentation requirements, and transitional compliance timelines for entities seeking to operate or combine multiple non-banking financial activities under GAFS supervision.