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Friday, 29 May 2020

Egypt’s FRA launches new policies to aid micro-finance activity amid COVID-19 outbreak

The move is part of a set of new policies introduced by the FRA on Sunday to aid clients in micro-finance

Doaa A.Moneim , Sunday 29 Mar 2020
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Egypt’s Financial Regulatory Authority (FRA) announced on Sunday the postponing of 50 percent of payments for microcredits with no extra fees imposed for late payment.

The move is part of a set of new policies introduced by the FRA on Sunday to aid clients in micro-finance in an effort to protect the stability of economic activity amid the coronavirus outbreak.

The new policies include introducing free financial services for regular clients, including exempting them from electronic financial operations implemented through banks or other non-banking entities, as well as exempting clients from prompt credit payments and reducing the administrative fees for current finances as of 29 March.

Chairman of the FRA Mohamed Omran has instructed micro-finance bodies to provide their clients, on case-by-case basis, with the option to delay 50 percent of each instalment.

The delayed instalments are to be paid after the due date of the basic instalments with no extra fees or fines.

The FRA also instructed lenders to inform their clients about these new policies, and said that micro-finance bodies have to take all actions that prevent overcrowding.

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