The General Authority for Financial Supervision: subject entities that sell by installments to control

Policy

Dr. Mohamed Omran, Chairman of the Egyptian Financial Supervisory Authority (EFSA) said that the Authority is in the process of submitting to the Council of Ministers a draft consumer finance law.

He added to the meeting of the Economic Committee in the House of Representatives today, headed by MP Ahmed Samir, that the project allows the Commission to license companies that sell by installments as these entities provide a kind of funding unattended, pointing out that the draft law makes these entities subject to the control of the Financial Supervisory Authority.

He explained that the constitution provides that the General Authority for Financial Supervision is specialized in non-bank financial activities, pointing out that consumer finance is a type of non-bank financing.