Egypt: FRA raises consumer cash advance limit to $1,013
The Board of Directors of the Financial Regulatory Authority (FRA), chaired by Mohamed Farid, highlighted that the decision aims to provide more diverse financing options for consumers and enhance financial inclusion.
Under the new decision, once a consumer is granted a credit limit by a consumer finance company based on their creditworthiness, the maximum allowable cash advance for that consumer will be set at EGP 50,000, regardless of different credit limits.
The resolution stipulates that consumers cannot obtain additional advances until they submit documents proving the previous funds were used for their stated purpose and the prior financing has been fully repaid.
In line with Law No.18 of 2019, all financing disbursements and installment collections shall be conducted via non-cash or e-payment methods.
The law stipulates that the maximum amount for cash disbursements is EGP 2,000, while the maximum amount for paying cash installments is EGP 500.
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