Microfinance activity records EGP14.8 bln pounds in Q3 2019
Egypt’s microfinance activity balance has increased over the third quarter (Q3) of 2019 to register 14.8 billion Egyptian Pounds for around 3 million beneficiaries, Mohamed Omran, Chairman of the Egyptian The Financial Regulatory Authority said.
However, the microfinance activity balance has registered 10.6 billion Egyptian pounds in Q3 of 2018 to 2.6 beneficiaries.
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.
There are nine companies working in the micro-finance activity in Egypt namely Reefy, Tanmeyah, Tasaheel, Amaan, Sanda, Tamweely, Fawry, Al Oula and Vitas.
The category “A” associations recording total volume of funds of 6 billion Egyptian pounds to 1.635 million beneficiaries.
The category “B” associations recorded funds of 552 million pounds at the end of the third quarter of 2019 to 118.2 thousand beneficiaries.
The category “C” associations registered 687.4 million pounds to 163 thousands beneficiaries.