FRA agrees to add new products to consumer financing system

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Tue, 07 Jul 2020 - 10:18 GMT

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Tue, 07 Jul 2020 - 10:18 GMT

FILE - Financial Regulatory Authority (FRA)

FILE - Financial Regulatory Authority (FRA)

CAIRO - 7 July 2020: The Financial Regulatory Authority has agreed to include a number of new commodities and services in its consumer financing system to facilitate the purchase of those products.


This should make life easier for consumers who want to secure their needs of the new products, said FRA chairman Mohamed Omran in a statement Tuesday. 

The move comes as part of an initiative by the prime minister meant to encourage local consumption and products with the help of consumer financing companies, Omran said. 

It is one way of helping the Egyptian economy overcome the negative impact of coronavirus, which spilled over into many production and service sectors over the past four months, he noted.

The FRA decision allows consumers to pay for their purchases from trade chains in installments over a number of years, thus making it easier for limited and middle income brackets to secure their needs.

The FRA is seeking to increase investment in service projects through activating and maximizing demand for those services, Omran said, noting consumer financing is one way to achieve that.

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