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.