In a decisive move aimed at stabilizing the non-banking financial services market and safeguarding the rights of investors and consumers, True Finance for Leasing and Factoring has announced a series of escalatory legal measures against attempts to impersonate and infringe upon its trade name, which is officially registered with the Financial Regulatory Authority (FRA). These actions follow the monitoring of systematic attempts that have negatively impacted the public and exploited the institutional reputation of True Finance, a cornerstone entity in the Egyptian financial sector.

The company stated that the crisis began when "Shahry for Consumer Finance" rebranded its three-year-old electronic application from "Shahry" to "Tru" without obtaining the necessary licenses from the relevant regulatory bodies. This new name, "Tru," is phonetically and orthographically identical (save for one letter) to the authentic trade name of "True Finance." In its legal memoranda, the company emphasized that this move was not a coincidence but rather a calculated attempt to "free-ride" on the success of an established firm and circumvent the legal rules governing the distinction of financial entities.

This confusion has resulted in significant damages. True Finance has received numerous complaints from clients and consumers who fell into the trap of ambiguity, downloading the offending application and inputting sensitive personal data under the impression they were dealing with the long-standing True Finance. This constitutes a clear violation of the Personal Data Protection Law (No. 151 of 2020), the Fintech Regulation Law (No. 5 of 2022), and the executive regulations of Law No. 159 of 1981.

The company confirmed that the Financial Regulatory Authority (FRA) has refused to certify any amendment to "Shahry’s" trade name that includes the word "True," commending the FRA’s prior role in rejecting such changes in the commercial register due to True Finance’s established seniority. This seniority dates back over four years, following the acquisition of the Emirates NBD Leasing arm.

True Finance is also calling upon the Supreme Council for Media Regulation to halt all misleading advertising campaigns using the name "True" across media and social platforms, citing a breach of the media code of ethics. Furthermore, it has urged the National Telecommunications Regulatory Authority (NTRA) and the Information Technology Industry Development Agency (ITIDA) to take necessary technical measures to block the violating application and stop its promotion within Egypt. Internationally, legal letters in both Arabic and English have been dispatched to Google Play and the Apple App Store, demanding the immediate removal of the [Tru] app for intellectual property infringement and the dissemination of misleading content.

The company’s commitment to its name is rooted in a prestigious history. The entity’s origins trace back to 2008 as a subsidiary of Emirates NBD, before being acquired by Taj Holding for Financial Investments—owned by Dr. Yomna Ahmed Fouad Abaza, the Egyptian International Company (Mostafa Khalil), and Mr. Mohamed Afifi (10% stake)—in early 2022. Following the acquisition, the company doubled its capital and, under the leadership of Mr. Mohamed Afifi, a veteran with extensive banking expertise, rebranded as "True Finance"—a brand born as a giant with a clear vision for leadership as an integrated financial entity.

This strategic direction has yielded impressive financial results: a 110% growth in profits, total financing exceeding EGP 2 billion, and the leadership of major financing syndicates worth EGP 4.5 billion. Consequently, any infringement on its name is viewed as an assault on a financial and economic position vital to monetary stability.

True Finance for Leasing and Factoring categorically affirms that it does not own any electronic application named "TRU" and maintains no affiliation whatsoever with "Shahry for Consumer Finance." The company hereby disclaims all legal and financial liability for any contracts or data provided to this violating application. It further announces that it is in the process of pursuing criminal and civil prosecution against those responsible for the material and moral damages incurred. True Finance remains committed to its active role in supporting the Egyptian economy—particularly in vital sectors—and continues its expansion plan to transform into a fully integrated financial hub.

Notably, True Finance has already secured the necessary approvals from Google and Apple to launch its own fintech application under the name "True Finance" and has submitted the required documentation to the FRA for final certification, aligning with the Egyptian state’s digital transformation strategy under the leadership of President Abdel Fattah El-Sisi.