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Egyptian Entrepreneur Mohamed Aboul Naga Raises Serious Concerns About Consumer Lending Risks

Egyptian entrepreneur Mohamed Aboul Naga is speaking out about the growing risks in consumer finance, especially 'Buy Now, Pay Later' (BNPL) services. He shares his personal journey of facing backlash for raising these concerns years ago and highlights the potential dangers for vulnerable individuals. His comments come as Hisham Ezz El Arab, CEO of CIB, also warns about the increasing risks of non-bank lending and the need for consistent regulatory oversight.

1 min read
Egyptian Entrepreneur Mohamed Aboul Naga Raises Serious Concerns About Consumer Lending Risks

Egyptian entrepreneur Mohamed Aboul Naga shared, "God knows I spoke about the dangers of expanding 'Buy Now, Pay Later' (BNPL) services four years ago. I was persecuted for it, accused of being fired and trying to hide it, and other strange things. The truth is, I objected to all of it and left behind a lot of money and a great reputation because I believed the business was wrong. Then, everyone and their mother started doing BNPL, and it caused a mess for us."

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