Egypt’s Central Bank has tightened controls governing banks’ dealings with non-bank financing companies, in a move aimed at strengthening credit-market transparency as consumer finance and other non-bank lending activities expand rapidly across the country. According to a Central Bank directive reported by Asharq Business, banks are now required to verify that non-bank financing companies hold…

Hisham Ezz Al-Arab, Chief Executive Officer of Commercial International Bank (CIB), has warned that the rapid expansion of Egypt’s non-banking financial sector could create future risks for the broader economy if growth continues without sufficiently strict credit controls and risk-management standards. Speaking during a televised interview on MBC Egypt’s “El Hekaya” programme, Ezz Al-Arab…