The Central Bank of Egypt (CBE) has instructed banks not to grant or renew credit facilities to non-banking credit providers unless they are officially registered, assigned a CBE code, and recorded on its information network as well as with the Egyptian Credit Bureau.
In a circular addressed to banks, the CBE stated that existing indebtedness will be placed under liquidation if the entities concerned fail to regularise their status within a three-month period. Banks have been tasked with notifying these entities of the directive.
The CBE emphasised that the measure is intended to ensure the availability of comprehensive and accurate credit information on clients, enabling better assessment of their creditworthiness. This, in turn, supports sound lending decisions and enhances the safety and stability of the banking sector.
The directive is issued in accordance with the Central Bank and Banking Sector Law No. 194 of 2020, as well as a circular dated 26 March 2020 concerning updates to the rules governing the CBE’s credit registry system. These regulations require banks and credit providers to disclose credit extended to clients to credit reporting and rating agencies, in addition to the CBE’s credit registry, in line with applicable rules.
