How to Apply For Renewal of Microfinance Bank License in Egypt

Apply For Renewal of Microfinance Bank License in Egypt

A microfinance institution requesting renewal of its business license must submit the following

Send an Application letter to renewal
Application for renewal of business license as well as any changes to the details of the license that are currently in effect;
Original business license of the microfinance institution
proof of payment for renewal fee or penalty.
Resolution of any issues that are pending (if appropriate)
Show the Original Certificate of License from the MFI

Required Documents For Renewal of Microfinance Bank License

Documentation of registration of the trade name by Ministry of Trade and industries or Regional Trade Bureau.
Minutes of the first meeting of organizers as well as the attendance sheet.
Prospectus submission, which is a written statement that explains and predicts the future course or nature of the business and the expected risks to be given to potential investors.
Written Renewal request to open a subscription account that is blocked in which your name as the bank(s)/branch (es).
The application form must be completed according to Parts II and I of the Directives for organizers and project managers.
Completely filled out questionnaire on propriety in accordance with the attachment III of these directives, for project coordinators and organizers.
The evidence of payment for the investigation fee.

Office Locations and Contacts

Central Bank of Egypt

Contact Information

Central Bank of Egypt

54 El-Gomhoreya Street

11511, Cairo Egypt

Tel:16777**

Tel:+202 27702770

Tel:+202 27701770

Tel:+202 25976000

Emails: General inquiries / Complaints

info@cbe.org.eg

research@cbe.org.eg

monetary.policy@cbe.org.eg

career@cbe.org.eg

HelpDesk RTGS

RTGS.Helpdesk@cbe.org.eg

Fax:+20 2 25976081

What are all the Eligibility

The company must operate as an Micro finance Bank and registered under the Companies Act as a limited liability corporation whose principal purpose is to manage the business of a foreign exchange broker.
A Forex bureau can be set up by any qualified corporate body or company that is approved from the National bank of Egypt to accept deposits and to pay deposit.
An Forex Bureau applicant must be an Egyptian National with a valid passport and be employed in the field of Microfinance.

Fees

A microfinance company applying to renew its business license must pay a the renewal fee of LE 1000.

Fee for renewing licenses of LE 500

Validity

Valid for 1 year.

Processing Time

Processing can take up to 7 working days.

Instructions

It is illegal for anyone to conduct any Microfinace Bank business unless he/she has an Microfinance Bank business License.
Any person who infringe or fails to comply with the provisions of this section will be guilty of a crime and will be punished in accordance with the law.
Must be organised in the form of share companies.
Minimum No. of founders has to be five
The shareholders must be Egyptian citizens or entities that are owned 100% by Egyptian nationals.

Requirements Information

The full name of the applicant
Address of the Applicant
Where is the Foreign Exchange Bureau
License Number
A tax clearance document.
Documentation of tax payments made in the form of a provisional tax
Complete names, addresses and the names of employees of the bureau.

The document is needed

A microfinance company must renewal its license to operate each year. A microfinance institution that is applying to renew its business license must pay a the renewal fee of LE 2 000.