The CBE received complaints from foreign clients regarding difficulties in opening accounts, hindering their ability to access essential banking services.

This decision, while intended to curb financial crime, will disrupt the seamless flow of funds that has long characterized the region.

The FRA’s regulatory framework mandates that the issued and paid-up capital for the specified non-banking finance companies should not be less than EGP 75 million (approximately USD 1.5 million) or its equivalent in foreign currencies, based on the exchange rate set by the Central Bank of Egypt

Globally, Meta generated $75.5 million in revenue during the same period, with the remaining $8.4 million coming from regions outside of North America and Europe, including Africa, Latin America, and the Middle East.