Additional Relief for Consumers Announced

The Board of Directors of Egypt’s Financial Supervisory Authority has agreed to add new goods and services in the list of products and services which are covered by Egypt Law No. 18/2020 regulating consumer finance activity to facilitate the financing of its purchase. It is also aimed at help consumers meet their needs as p[art of Prime Ministerial initiatives to stimulate consumption and promote domestic products through consumer finance companies, including companies who provide financing through commercial payment cards. The Chairman of the Financial Supervision Authority said that the additions will be financed by buying consumer finance companies and is aimed at implementing Prime Ministerial directives. They added Egypt Decision No. 114/2020 will boost some of the goods and services which consumer financing applies to and will boost several production activities by enabling them to distribute their products and distribute in instalments. This will benefit several sectors including the production and/or distribution of furniture, home fixtures, clothes, shoes and bags watches, jewellery, eyewear, medical and cosmetic preparations, sports tools and clothing, toys, books and stationery, food and auto parts by making financing from consumer finance companies available. This will include companies who provide financing through commercial payment cards and are used by consumers to make purchases based on agreements with various vendors and providers of consumer goods and services. Histoire complète

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