Financial Regulatory Authority Adds Two Online Pages to Negative List for Violating Cash Liquidity Regulations
Egypt’s Financial Regulatory Authority (FRA) has announced the addition of two new online pages to its negative list of companies and social media pages prohibited from practicing illegal cash liquidity activities, in violation of regulations governing cashing out credit limits granted by consumer finance companies. The move comes as part of the Authority’s ongoing efforts to ensure the stability of non-banking financial markets, protect the rights of market participants, and uphold market integrity and transparency.
The newly added pages include Al-Basira for Project Development and Management, which was found to be soliciting funds from the public for the purpose of employment or investment, and Sina Pay for Finance, which was cited for conducting financial activities without obtaining the required license.
The FRA had previously disclosed the addition of 27 companies and social media pages to the list of entities banned from engaging in cash liquidity practices, defined as converting consumer finance credit limits into cash. These pages include: Hadd Ayez Feloos Salaf Halan (imitation page), Taseel Gami’ Barameg Al-Taqsit, Asra’ Qard Shakhsi bel-Bitakah Al-Shakhsia, Humanitarian Aid and Interest-Free Loans, Taseel Applications of Installment Programs at the Lowest Rate, Waseela Loans Company (imitation page), and NT CASH.
The ban also covers a wider range of pages and impersonated accounts, including: Maylo (imitation page), I EFG I Hermes I Brokerage I (impersonated online account), E‘mal Business, Healthy and Tasty, Khebrat, Al-Mashreq Stocks (impersonated website), Rasd for Trading, Al-Awal Stocks, Ro’ya, Waseetak Al-Mali, Istasher, Al-Mostashar Al-Zahabi, Gulf Stocks, Engezny Trade, Mylo Installment Customers (imitation page), and multiple pages operating under the name “Taseel Gami’ Barameg Al-Taqsit”.
Earlier, the FRA had also announced the inclusion of 12 additional companies and pages on the prohibited list, including: Limit2Cash for installment program cashing, Al-Massa 2, Al-Massa for General Services, MYLO Activation and Cashing, United Easy Cash, Cash In & Out for Facilitating Procedures and Loans, Al-Malek, Cash Immediately for Cashing All Installment Applications, Noorsena, Egyptian Pounds Investment, and Waste Management (WM).
The Financial Regulatory Authority reiterated that dealing with unlicensed entities or pages engaging in cash liquidity activities exposes consumers to significant financial risks and legal consequences. The Authority stressed that it will continue monitoring markets and digital platforms, taking decisive action against violators to safeguard consumers and ensure compliance with applicable laws and regulations governing non-banking financial activities in Egypt.