Regulatory Alerts2023-01-01
Board of Directors Resolution No. 92 of 2023 Amending Resolution No. 121 of 2018 on Licensing Conditions, Rules, and Procedures for Microfinance Companies
The General Authority for Financial Supervision issued Board of Directors Resolution No. 92 of 2023 to amend the capital requirements and licensing framework for microfinance companies under Resolution No. 121 of 2018. The amended resolution mandates that licensed microfinance firms maintain a paid-up capital of at least 75 million Egyptian pounds (or foreign currency equivalent) and comply with the new provisions within one year, subject to a possible two-year extension for justified cases. Approved on April 12, 2023, the resolution was published in the Egyptian Gazette and on the Authority's website on April 19, 2023, taking effect the following day.
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