The Egyptian Financial Supervisory Authority has updated its negative list of entities linked to cash liquidity practices, adding 6 new entities. This move is part of efforts to enhance mechanisms to combat fraud and cash liquidity operations, and protect the rights of clients and companies operating in the consumer finance sector. The updated list includes MG-Store, Abu Al-Sayed Cash, BOX CASH, APC CASH, King Cash, and Mohamed Hekal's cash liquidity company.
The updated list comes as part of the authority's efforts to combat fraud and cash liquidity in collaboration with the Consumer Finance Union and companies operating in the sector. The goal is to monitor practices that may affect the safety of finance operations and protect stakeholders. The authority had previously emphasized the importance of developing databases of entities and individuals involved in fraud and cash liquidity practices.
The negative list update is based on the authority's board of directors' decision No. 222 of 2025, which obliges consumer finance companies to establish mechanisms to monitor and prevent cash liquidity cases. The decision also requires the Consumer Finance Union to prepare a database and make it available to its members, updating it regularly. The system aims to prevent companies from dealing with sellers and providers listed on the negative list.
The authority has also established a watch list, in addition to the negative list, to detect risk indicators at an early stage. This allows for reporting of clients by more than one company. The authority is working to enhance electronic connections between finance companies and the central system, enabling instant reporting of cases and avoiding dealing with clients who have previously been involved in fraudulent practices.
The updated negative list reflects the authority's continued efforts to tighten preventive control over consumer finance activities. The authority is expanding the use of databases, digital analysis, and electronic connections to support the safety of activities and protect the rights of clients and companies. This move aims to prevent cash liquidity practices and protect stakeholders.
The Egyptian Financial Supervisory Authority's efforts to combat cash liquidity practices and protect consumer finance clients and companies are ongoing. The authority is working to develop tools and mechanisms to monitor and prevent fraudulent practices. The updated negative list is part of these efforts, which aim to ensure the safety and integrity of consumer finance operations.
The authority's actions are expected to have a positive impact on the consumer finance sector in Egypt, protecting clients and companies from fraudulent practices. The updated negative list and watch list are key components of these efforts, enabling companies to make more informed decisions and prevent cash liquidity practices.
Key points
- The Egyptian Financial Supervisory Authority has added 6 new entities to its negative list to combat cash liquidity practices in the consumer finance sector.
- The updated list aims to protect clients and companies from fraudulent practices and ensure the safety of finance operations.
- The authority is working to enhance electronic connections and databases to monitor and prevent cash liquidity cases.
