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Microfinance firm Reefy has received final approval from Egypt's Financial Regulatory Authority for its third securitisation bond issuance under the second programme, valued at EGP 1.064 billion in favour of the Egyptian Securitisation Company. This move supports the company's strategy to use innovative financing tools for better liquidity management and growth amid economic challenges.
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The Securities and Exchange Commission (SEC) proposes slashing the effective interest-rate (EIR) ceiling from 15% to 10% per month for unsecured small loans, potentially higher after consultations. Aimed at curbing predatory pricing and hidden fees, the move draws industry criticism for possibly contracting credit supply. The draft circular expands coverage to loans up to P20,000 and terms up to six months.