Egypt's Buy Now, Pay Later Industry Poses a Monthly Threat to its Users

'Today is the last chance to pay,' is the message that induced panic for Mohsen Abdelkader, a customer who had fallen behind on an EGP 30,000 (USD 591.5) loan he took from a financing application to buy household appliances. It was the moment a convenient installment plan curdled into a near threat. When he called customer service to dispute interest charges that had ballooned past the size of his original loan, an employee at the application cursed at him instead of helping. His story, reported by the pan-Arab daily Al-Quds Al-Arabi, is one of dozens of Egyptians who receive threatening messages from unknown numbers. They are asked to pay their dues or face arrest, legal action, property seizure, or reputation defamation, often days after a missed payment deadline. Egypt's Financial Regulatory Authority now oversees roughly 2,500 licensed consumer-finance companies serving more than 64 million customers. By the end of 2025, Egypt's non-bank financial sector had amassed portfolios worth roughly EGP 417 billion (USD 8.2 billion), according to official statistics, with more than 9.8 million financing contracts. Meanwhile, the default interest rate for the companies remained below 3 percent. Applications likeContinue reading "Egypts Buy Now, Pay Later Industry Poses a Monthly Threat to its Users " The post Egypt's Buy Now, Pay Later Industry Poses a Monthly Threat to its Users first appeared on Egyptian Streets.

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WIRE — 'Today is the last chance to pay,' is the message that induced panic for Mohsen Abdelkader, a customer who had fallen behind on an EGP 30,000 (USD 591.5) loan he took from a financing application to buy household appliances. It was the moment a convenient installment plan curdled into a near threat. When he called customer service to dispute interest charges that had ballooned past the size of his original loan, an employee at the application cursed at him instead of helping. His story, reported by the pan-Arab daily Al-Quds Al-Arabi, is one of dozens of Egyptians who receive threatening messages from unknown numbers. They are asked to pay their dues or face arrest, legal action, property seizure, or reputation defamation, often days after a missed payment deadline. Egypt's Financial Regulatory Authority now oversees roughly 2,500 licensed consumer-finance companies serving more than 64 million customers. By the end of 2025, Egypt's non-bank financial sector had amassed portfolios worth roughly EGP 417 billion (USD 8.2 billion), according to official statistics, with more than 9.8 million financing contracts. Meanwhile, the default interest rate for the companies remained below 3 percent. Applications likeContinue reading "Egypts Buy Now, Pay Later Industry Poses a Monthly Threat to its Users " The post Egypt's Buy Now, Pay Later Industry Poses a Monthly Threat to its Users first appeared on Egyptian Streets.

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