2019-10-15

Circular dated October 13, 2019 regarding regulatory controls for microfinance

In a letter dated October 13, 2019, the Egyptian Central Bank's Board of Directors announces new regulations for banks providing credit facilities to microfinance companies and licensed NGOs. Banks must now report monthly to the Egyptian Credit Bureau (Score-I) on credit limits and usage for microfinance, in addition to the Central Bank's Credit Risk Department. Banks are also required to obtain a pledge from microfinance companies and NGOs to check customers' credit through Score-I to ensure they have no more than three loans from three institutions.

Egypt

Central Bank of Egypt

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