EGP 6.1bn microfinance volume in Q3 2017

Daily News Egypt
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These projects can benefit from the Social Fund or financial leasing companies and venture capital firms, or even associations that are specialised in microfinance.

Egypt’s microfinance volume has registered EGP 6.1bn in the third quarter (Q3) of 2017, according to official figures released by the Egyptian Financial Supervisory Authority (EFSA).

The new figure registers an increase of 10% when compared to Q2.

The number of beneficiaries from microfinance initiatives recorded 2.1 million individuals through industrial, service, handicraft, and commercial projects.

Eight hundred and forty entities were granted licenses by EFSA to operate in the microfinance sector, Mohammed Omran, head of EFSA, said in a statement.

Microfinance is characterised by the existence of crowd-funding and individual lending.

The total number of beneficiaries of crowd-funding represented 73% of total financing balances, compared to 27% for individual lending.

Omran said that 70% of microfinance beneficiaries were women, with their number reaching 1.4 million, compared to 600,000 men.

In August, Egypt disclosed the first digital map for microfinance that shows the licensed bodies that practice microfinance.

The map includes licensed companies, communities, and civil organisations, along with their activities in different governorates.

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