Microfinance activity records 10.6 mln pounds in Q3 2018

Egypt’s microfinance activity balance has increased  over the third quarter (Q3) of 2018 to register 10.6 billion Egyptian Pounds, Mohamed Omran, Chairman of the Egyptian Financial Supervisory Authority (EFSA)  said.

The microfinance activity balance has increased by 73.5 percent in comparison to 6.1 billion Egyptian pounds in 2017, he added.

He further told Amwal Al Ghad that the number of beneficiaries of the funds has reached 2.7 million active clients compared to 2.1 million clients during the comparable period with an increase of 27 percent.

A number of 912 entities were granted licenses by EFSA to operate in the microfinance sector, Omran added.

Moreover, there are around seven microfinance companies operating in the Egyptian market.

The micro insurance is a key foundation to support microfinance, providing insurance protection to these funds in addition to covering the projects that have received them.