CBE and FRA sign agreement to facilitate payment for consumer credit companies
ArabicFinance: The Central Bank of Egypt (CBE) and the Financial Regulatory Authority (FRA) signed a Memorandum of Cooperation to facilitate the issuance of licenses and approvals for payment instruments for consumer credit or other payment methods approved by the CBE, according to a recent press release.
The agreement was signed by Ramy Aboul Naga, vice-governor of the CBE, and Islam Azzam, vice-president of the FRA.
The agreement is part of the strategy of the National Payments Council headed by President Abdel Fattah el-Sisi, and the implementation of the Egyptian government’s strategy to develop and automate such procedures to facilitate ‘citizens’ access to various financial services.
The purpose of the newly signed protocol is to put in place a mechanism to facilitate the executive procedures for obtaining the necessary licenses and approvals from the EPC.
The three-year protocol benefits all consumer credit companies that issue electronic payment tools to customers, as they will be licensed on the basis of a joint coordination between CBE and FRA, where companies will be able to use payment cards to shell out consumer value. loan to citizens electronically. This will have a positive impact on the ease of service to citizens and traders doing business with this type of business.
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