Egypt’s FRA blacklists firms, social media pages over illegal financial activity

Egypt’s Financial Regulatory Authority (FRA) has blacklisted three companies and 36 social media pages for conducting non-banking financial activities without a licence, the regulator said in a statement on Wednesday.

The FRA said the entities violated regulations by soliciting public funds and promoting investment opportunities without the necessary approvals, in breach of Law No. 146 of 1988. Several social media accounts were also found to be advertising illegal practices such as converting consumer finance credit into cash, in violation of the Consumer Finance Law.

The move is part of broader efforts by the FRA to tighten oversight of the non-banking financial sector, enhance market transparency, and protect investors from fraud.

“The FRA warns citizens against dealing with unlicensed entities, which may expose them to serious financial risks and the potential loss of their rights,” the authority said.

The regulator said the blacklist was compiled following public complaints and will be updated regularly. In May, a similar list of unauthorised firms was published.

The FRA has provided two dedicated email addresses: one for the public to report suspicious financial activity, and another for companies seeking to verify their compliance with legal requirements.

A full list of blacklisted entities is available on the FRA Alerts portal. Licensed companies can be found on the FRA Registration platform.

Attribution: Amwal Al Ghad English

Subediting: Y.Yasser