Microfinance activity records 6 bln pounds in Q1 2019

Egypt’s microfinance activity balance has increased  over the first (Q1) of 2019 to register 6 billion Egyptian Pounds for around 960.06 beneficiaries compared to 3.3 billion pounds in the same period of 2018.

Thus the microfinance activity balance is capturing 48 percent of the financing activity, according to the Egyptian Financial Supervisory Authority (EFSA) .

There are nine companies working in the micro-finance activity in Egypt namely Reefy, Tanmeyah, Tasaheel,  Amaan, Sanda, Tamweely, Fawry,  Al Oula  and Vitas.

In the second place came the category “A” associations recording total volume of funds of 5.3 billion Egyptian pounds, accounting for 41.9% of the total  finances, compared to 4 billion pounds  at the end of the first quarter of 2018, according to a report issued by EFSA.

The category “B” associations  recorded funds of 643.1 million pounds  at the end of the first quarter of 2019, accounting for 5.08% of the total value of  finance, compared to 572.6 million pounds at the end of March 2018.

The category “C” associations registered  627.7 million pounds  funds by the end of March 2019, compared to 505 million pounds by the end of March 2018.

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.