The Financial Regulatory Authority’s (FRA) Board of Directors has agreed to add several new commodities and services that apply to Law No 18 of 2020 regulating consumer finance activity.
The move aims to facilitate the financing of their purchase, and to facilitate the meeting of consumer needs.
FRA Chairperson Mohamed Omran said that adding new goods and services to consumer finance companies is a quick response to an initiative set up by Prime Minister Mostafa Madbouly to stimulate consumption.
The prime minister’s initiative is also set to encourage purchases of local products to overcome the negative economic repercussions of the novel coronavirus (COVID-19) pandemic.
The decision also makes it possible for consumers to finance their purchases from shops and various commercial chains through a single bill without obstacles in the quality of the products purchased. It would also allow customers the flexibility and complete freedom to purchase from commercial chains in instalments and according to agreed upon plans.