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Microfinance balances increase to EGP 13.79bn end-June: FRA - Daily News Egypt

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Microfinance balances increase to EGP 13.79bn end-June: FRA

Funding increased by EGP 4.04bn in a year, clients up 14.1%


The microfinance balances in Egypt increased to EGP 13.79bn until the end of June 2019, against EGP 9.74bn in June 2018, up 41.5%, the Financial Regulatory Authority (FRA) disclosed.

In its latest report, the FRA said the microfinance beneficiaries increased from about 2.57 million clients in June 2018 to 2.93 million clients in June 2019, up 14.1%.

Male microfinance beneficiaries amounted to about 954,956 clients with total funding of about EGP 6.39bn, accounting for 33.46% of beneficiaries and about 50.54% of total funding.

According to the FRA, female microfinance beneficiaries increased to 1.89 million clients, with total funding of about EGP 6.25bn, accounting for about 66.54% of total beneficiaries and about 49.46% of total funding.

The FRA pointed out that the commercial activity alone accounted for 61.47% of the total microfinance until the end of June 2019, with total funding of EGP 8.47bn. The clients benefiting from this activity reached about 1.9 million people, equal to 64.83% of the total number of clients benefiting from this type of financing.

The service sector received about EGP 2.35bn, benefiting 414,877 clients, accounting for 17.09% of total funding and 14.14% of total beneficiaries.

The agricultural sector accounted for 14.16% of total funding, about EGP 1.935bn, and about 14.23% of total beneficiaries, about 417,513 clients, until the end of June 2019.

The volume of funding directed to manufacturing sector was about EGP 1.004bn, benefiting 199,938 clients, equivalent to 7.28% of the total volume of funding and 6.8% of total beneficiaries.

According to the FRA, the total number of beneficiaries of mass microfinance has reached about 1.35 million beneficiaries, equal to 46.19% of the total number of beneficiaries, with the size of funds amounting to EGP 2.947bn, equal to 21.37% of total funding.

The number of retail microfinance beneficiaries has reached 1.579 million clients, with funding reaching EGP 10.845bn, equal to 53.81% of the total number of beneficiaries and about 78.63% of total funding.

The FRA pointed out that the balances of companies operating in microfinance reached about EGP 6.96bn, benefiting about 1.04 million people, equal to 50.49% of the total volume of funding and about 35.45% of total beneficiaries.

The amount of the balances of the Class A NGOs reached EGP 5.72bn for 1.616 million clients, equal to 41.51% of total funding and about 55.08% of total beneficiaries.

The FRA added that the balances of Class B NGOs reached about EGP 436.74m, granted to 113,377 clients, accounting for 3.17% of the total volume of funding and about 3.86% of total beneficiaries.

The volume of the Class C NGOs balances reached EGP 666.34m, awarded to 164,703 clients, taking 4.83% of the total volume of funding and about 5.61% of total beneficiaries.

In the same context, the FRA revealed that about 7,226 clients received funds towards EGP 98.22m electronically, while the electronic repayment has not yet been activated, so electronic repayment balances remained zero.

https://dailynewsegypt.com/2019/08/04/microfinance-balances-increase-to-egp-13-79bn-end-june-fra/
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