Microfinance activity records 6.1 mln pounds in Q3 2017

Egypt’s microfinance activity continued its growth over the third quarter (Q3) of 2017 to register 6.1 billion Egyptian Pounds,  increasing by  10 percent compared to Q2 2017, Mohamed Omran, Chairman of the Egyptian Financial Supervisory Authority (EFSA)  said.

The number of clients who obtained microfinance services from companies or non-governmental organizations authorized to provide the microfinance  funding , recorded 2.1 million individuals who own industrial, service, handicrafts and commercial micro-sized projects.

A number of 840 entities were granted licenses by EFSA to operate in the microfinance sector, Omran added.

Omran also has praised the role that the microfinance law played in supporting this activity, noting that that this law focused, in its articles, on production activities rather than consumer activities.

He added that EFSA has held meeting through its training arm, the Financial Service institution, between the microfinance companies and the insurance companies in order to support stimulate micro financing insurance products.