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Institutions providing microfinance services in Egypt include banks and non-governmental organizations (NGO-MFIs), as well as the National Postal Authority and informal institutions such as rotating savings and credit associations (ROSCAs). Banks are regulated by the Central Bank of Egypt (CBE). The Egyptian Financial Supervisory Authority (EFSA), a regulatory authority created in 2009 under the Law for the Regulation of Non-Banking Financial Markets and Instruments (the “Single Regulator Law”), regulates securities markets and non-bank financial institutions. NGO-MFIs are overseen by the Ministry of Social Solidarity (MSS). A draft microfinance law expected to be passed in 2010 will create a new category of non-banking financial institution (microfinance companies or MFCs) and facilitate commercial microlending under the regulation of the EFSA.



Microfinance & Banking

Consumer Protection

In Egypt, there is a specific consumer protection law, Law No. 67 of 2006 and accompanying Executive Regulations, which created the Consumer Protection Agency (CPA). The CPA is the supervisory authority in charge of enforcing the law and is authorized to set adequate programs and work plans, receive and investigate complaints filed by consumers and NGOs, and coordinate/cooperate with other governmental bodies to achieve the proper implementation of the law.

Other relevant regulations include the data privacy and interest rate provisions of the Law of the Central Bank, Banking Sector and Money (Law No. 88 of 2003) and its Executive Regulations, as well as the Law for the Regulation of Non-Banking Financial Markets and Instruments (Law No. 10 of 2009). The latter sets up the Egyptian Financial Supervisory Authority, also known as the “Single Regulator,” which supervises all non-banking financial services.