Egypt grants Microfinance Licence to 15 Civil Societies so far – Official

Egypt’s market regulator, the Egyptian Financial Supervisory Authority (EFSA) has granted so far licenses for ten civil societies to practice microfinance activities, chief Sherif Samy announced on Monday.

The Egyptian top official further said the ten civil societies are with funding portfolio totalling EGP 500 million (US$65.5 million), that have 70 offices spreading in a number of Greater Cairo, Nile Delta, Upper Egypt governorates.

Therefore, the total number of the civil societies that obtained the microfinance licence rose to 15 in addition to one company, Samy noted.

The ten civil societies that were granted the licenses include names such as; Lead Foundation, Small Enterprise Development Association – Beni-Suef (REDEC), Women’s Health Improvement Association (WHIA), and the Egyptian Small Enterprise Development Foundation (ESED).

Moreover, EFSA’s chairman said he expected the number of societies having the licenses to increase to 30 by the end of the current February.