While the EFCC did not disclose the identities of the wallet owners in its application, insiders have indicated that the wallets are connected to individuals involved in organizing the ongoing protests against the Nigerian government.

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