Egypt - Savings and Credit Cooperative (SACCO) License

Advertisement

Procedure

Apply In-Person:

1. To apply for Savings and Credit Cooperative (SACCO) License in person, the applicant has to approach the Central Bank of Egypt link
2. The applicant must visit the office to obtain an application form for apply for Savings and Credit Cooperative (SACCO) License from the respective department, as per the required criteria.
3. The applicant must fill in all the necessary details on the application form.
4. Once the application form has been filled out, the applicant should attach all the necessary documents, such as a copy of their current banking license, a copy of their Articles of Association, audited accounts, and evidence of capital adequacy, all of which can be found under the "Required Documents" section of this page.
5. A fee for this procedure is has to be paid as per the authority’s request.
6. The applicant should submit their application and relevant documents to the CBE for review, and the CBE will then assess and decide whether to approve the renewal.
7. After submitting the applicant application, the Central Bank of Egypt will review it and may request additional information to complete the process.
8. The applicant must wait for the Central Bank of Egypt to review their application and make a decision.
9. Meanwhile, the applicant can also inquire at the office to find out the status of their application.
10. Once all the internal processes are completed, the application will be approved, and the applicant will be notified of the approval via phone or email.
11. After receiving their notification, they can get a new Savings and Credit Cooperative (SACCO) License, valid for five years.
12. The processing time for a Renewal banking License is 30-45 days from the date of submission.

Advertisement

Required Documents

• A legal memorandum of association, which outlines the objectives, rules, and regulations of the SACCO.
• A copy of the board of directors’ resolutions approving the establishment of the SACCO.
• A copy of the SACCO’s Articles of Association.
• A list of the SACCO’s members and their addresses.
• An audited financial statement of the SACCO’s most recent year of operations.
• A list of the SACCO’s assets and liabilities.
• A copy of the SACCO’s operating regulations and procedures.
• A copy of the SACCO’s bylaws.
• A copy of the SACCO’s investment policy.
• A copy of the SACCO’s loan policy.
• A certificate proving that the SACCO has been registered with the Egyptian Ministry of Social Solidarity.
• A certificate proving that the SACCO has been registered with the Egyptian Ministry of Finance.
• A certificate proving that the SACCO has been registered with the Central Bank of Egypt.
• A certificate from the Ministry of Social Solidarity approving the establishment of the SACCO.
• A certificate from the Ministry of Finance approving the SACCO’s business plan.
• A certificate from the Central Bank of Egypt approving the SACCO’s banking license.

Office Locations & Contacts

Central Bank of Egypt
Map. Address: 54 El Gomhoureya St. 11511,
Cairo Governorate, Egypt.
E-mail: [email protected]
Contact number of Central Bank of Egypt: 02 27702770.
Telephone: 16777.
Contact link

Egyptian Financial Supervisory Authority   
Address: EFSA's headquarter in Cairo (1)
28 Talat Harb street
P.O box 25450 Cairo
Second and third floor
Telephone number: 25758807 / 25758423/ 25758822/ 25762994
Fax number: 25758581/ 25758645
For further information please contact the call center- 19053

Address: EFSA's headquarter in Cairo (2 )
20 Emad Eldeen Street
Fourth, fifth and sixth floor
Cairo P.O box 618, postal code 11111
Telephone number: 25798316/ 25772277/ 25798313
Fax number: 25789312

Address: EFSA's headquarter in Giza
Elmanstrli Towers Elbaher Elaazam street Giza
Second floor
Telephone number: 35737179
FAX number: 35736721
E-mail address: [email protected]
Contact link

Eligibility

To be eligible for a SACCO license, an applicant must meet the following criteria:

• Have a minimum of 500 members
• Have a legal entity status
• Have a fully paid-up capital of at least EGP 500,000
• Have a well-defined purpose, organization, and internal control systems
• Have a viable business plan
• Demonstrate a sound financial position
• Have a qualified and experienced management team
• Demonstrate commitment to international best practices in SACCOs
• Adhere to the principles of transparency and accountability
• Be registered with the Social Solidarity Directorate.

Fees

• A fee for this procedure is has to be paid as per the authority’s request.

Validity

• The validity of a Savings and Credit Cooperative (SACCO) License in Egypt is five years. The license may be renewed for an additional five years after the initial period has expired.

Documents to Use

Please attach documents that can be used by people. e.g. links

Sample Documents

Please attach sample completed documents that would help other people.

Processing Time

• The processing time for a Renewal banking License is 30-45 days from the date of submission.

Related Videos

Videos explaining the procedure or to fill the applications.
Attach videos using the following tag <&video type='website'>video ID|width|height<&/video&> from external websites.
Please remove the '&' inside the tags during implementation.
Website = allocine, blip, dailymotion, facebook, gametrailers, googlevideo, html5, metacafe, myspace, revver,
sevenload, viddler, vimeo, youku, youtube
width = 560, height = 340, Video ID = Can be obtained from the URL of webpage where the video is displayed.
e.g In the following url 'http://www.youtube.com/watch?v=Y0US7oR_t3M' Video ID is 'Y0US7oR_t3M'.

Instructions

• Register with the Financial Regulatory Authority (FRA): In order to be eligible to apply for a Savings and Credit Cooperative (SACCO) license in Egypt, you must first register with the Financial Regulatory Authority (FRA). This can be done online, by submitting an application form and the required documents to the FRA.
• Prepare the required documents: After registering with the FRA, you must then prepare the required documents for the SACCO license application. These documents include a copy of the SACCO’s Articles of Association, a business plan, a financial projection, and a risk management plan.
• Submit the application to the FRA: Once the required documents have been prepared, the application must be submitted to the FRA. This can be done online or by mail.
• Receive the SACCO license: If the FRA is satisfied with the application, they will issue the SACCO license. This will allow the SACCO to operate and offer banking services in Egypt.

Required Information

• Name of Proposed society.
• Address of proposed society.
• Type of proposed society (primary/secondary/tertiary).
• Geographical area of operation (Village, Town, District, Organization).
• Previously registered certificate number
• By-laws of the society
• Objects of society.
• Name/telephone and address of interim President, Secretary, and Treasurer.
• Declaration by the applicant.

Need for the Document

• The purpose of obtaining a Savings and Credit Cooperative (SACCO) License in Egypt is to protect and promote the interests of its members.
• The license is required to operate as a cooperative, provide its members with banking services, and ensure that the cooperative follows all the necessary regulations.
• Additionally, the license is important to ensure that the cooperative is properly monitored and regulated by the Egyptian government and that it is following the rules and regulations set out by the Central Bank of Egypt.

Information which might help

• According to the current regulations in Egypt, there is no specific license issued for Savings and Credit Cooperatives (SACCOs). Instead, SACCOs must register as a limited liability company with the Ministry of Investment and obtain a commercial registration. The regulations issued by the Central Bank of Egypt (CBE) require that SACCOs obtain approval from the CBE before commencing any operations.

Other uses of the Document/Certificate

Please explain what are other uses of obtaining this document/certificate.
e.g. Birth Certificate can be used as proof of identity.

External Links

Link
Link

Others

More information which might help people.