Microfinance accounts increase by 58.7 % in 2017: Official

The Micro, Small and Medium Enterprises Development Agency (MSMEDA)’s accounts of microfinance have witnessed a significant growth in 2017 by 58.72 percent, Niveen Badr El Din, head of funding department.

She further told Amwal Al Ghad that the microfinance accounts have recorded 7.12 billion Egyptian pounds by the end if 2017 compared to 4.48 billion pounds in 2016.

The number of beneficiaries from microfinance in the sector in that period increased 23.76  percent, registering 2.260 million compared to 1.8 million in 2016.

On the other hand, the total value of bank accounts has mounted to 3 billion pounds to more than 300,000 clients.