Microfinance companies in Egypt fund 807K clients in 9 months

Microfinance companies operating in Egypt have pumped funds worth 4.7 billion Egyptian pounds ($261.7 million) to finance 807,700 clients during the first 9 months of the year, the country’s market regulator chief said on Thursday.

The companies injected 1.9 billion pounds worth of funds for 472,500 clients by the end of September 2017, said Mohamed Omran, chairman of the Egyptian Financial Supervisory Authority (EFSA).

Egypt’s microfinance activity balance has increased over the third quarter to register 10.6 billion pounds to 2.681 million clients, Omran said.

The microfinance activity balance has increased by 73.5 percent in comparison to 6.1 billion  pounds in 2017

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.