Regulatory Alerts2016-01-01
Decision No. 123 of 2016 of the General Authority for Financial Supervision Issuing the Client Protection Guide for Companies, Associations, or Civil Institutions Engaging in Microfinance Activities
The General Authority for Financial Supervision issued Decision No. 123 of 2016 mandating licensed microfinance companies, associations, and civil institutions to comply with the newly promulgated Client Protection Guide. The decision requires full adherence to specific clauses of Principle Five by December 31, 2016, and establishes seven core principles governing advertising objectivity, disclosure, sound financing agreements, client financial assessment, ethical conduct, repayment facilitation, and complaint resolution. These measures aim to standardize professional practices, ensure transparency, protect client data and rights, and align Egypt's microfinance sector with international regulatory standards.
Share