CBE, FRA cooperate to streamline consumer finance payment procedures

The three-year protocol is in line with the country's efforts to create a cashless society.

  
People walk in front of the Central Bank of Egypt's headquarters at downtown Cairo, Egypt, November 3, 2016.

People walk in front of the Central Bank of Egypt's headquarters at downtown Cairo, Egypt, November 3, 2016.

REUTERS/Mohamed Abd El Ghany

Cairo – Mubasher: The Central Bank of Egypt (CBE) has signed a protocol of cooperation with the Financial Regulatory Authority (FRA) for the issuance of licences and approvals under the provisions of consumer finance law no. 18 of 2020 in relation to commercial payment cards or other payment methods approved by the CBE.

This protocol, which comes within the framework of the government's strategy to automate all procedures across all entities, is aimed at streamlining procedures for issuing the required licences and approvals under the consumer finance law, the CBE said in a statement on Monday.

Under the agreement, all consumer finance companies will be able to get licences with coordination between the CBE and the FRA to use payment cards in disbursing consumer loans for citizens electronically which will streamline procedures for customers and traders dealing with these companies.

The three-year protocol is in line with the country's efforts to create a cashless society.

Source: Mubasher

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