The Egyptian Financial Supervisory Authority (EFSA) Chairman Sherif Samy - File Photo
CAIRO – 10 July 2017: The value of the existing microfinance balances at Egyptian NGOs and companies rose 10 percent to LE 5 billion ($280 million), up from LE 4.5 billion in the previous quarter.
The number of beneficiaries increased 4.3 percent to reach 1.9 million by the end of March, according to the microfinance quarterly report published by the Egyptian Financial Supervisory Authority (EFSA) on Sunday.
The report showed that females represented 51.4 percent of microfinance beneficiaries, while their financing balances reached 69.7 percent of the total market.
EFSA Chairman Sherif Samy explained that microfinance is characterized by the existence of crowdfunding and individual lending. The total number of beneficiaries of crowdfunding represented 73 percent of total financing balances, compared to 27 percent for individual lending.
By the end of the first quarter of this year, the share of associations and NGOs from the microfinance market reached 74 percent in terms of stocks, compared to 26 percent for companies.
On the other hand, beneficiaries from NGOs and associations represented 82.2 percent, and 17.8 percent benefited from companies, the report said.
Regarding the purpose of financing granted, commercial activity came first in terms of the portfolio’s value, representing 61 percent, followed by service activity by 19 percent, then the agricultural activity and the productive and crafts activity by 13 percent and 8 percent, respectively.
Ismail revealed that the number of licensed entities reached 771, serving clients through 1488 headquarters and branches in various governorates of Egypt.