A Monday report by the Financial Regulatory Authority (FRA) revealed that associations, companies, and NGOs working in microfinance have played a major role in the Decent Life initiative.
The total funding balances directed to projects in the villages targeted by the initiative amounted to about EGP 3.7bn, of which 48% was directed to women-led projects, amounting to EGP 1.8bn. Financing micro-projects provided 324,000 job opportunities for men and women, of which 55.5% were obtained by women, which is equivalent to 180,000 jobs.
According to the report, the number of beneficiaries of microfinance activity in the initiative reached 257,000 beneficiaries by the end of the first half of 2021, and women accounted for 58% of this number. That equals 148,000 women who benefited from the initiative.
Microenterprise activity contributed to expanding the range of beneficiaries of official financial services and significantly raising the rates of financial inclusion. The number of beneficiaries of official financial services reached 3.3m, with total balances amounting to about EGP 22.5bn at the end of June 2021, with a growth rate of 30.93% compared to the same period in 2020, despite the repercussions of the pandemic.
The authority’s report also revealed that Tasaheel Microfinance topped the sector’s companies, with a market share of 22.18% in terms of activity and a volume of balances of EGP 5.001bn, with 471 branches operating by the end of June 2021.
The report said that Tanmeyah for Microenterprise Services ranked second with EGP 3.346bn funding, a 15.29% share, and a total of 286 branches registered.
In third place came the Alexandria Business Association with a share of 10.13% and balances of EGP 2.285bn, with 89 registered branches. Reefy Microfinance Enterprises Services came with a market share of 5.70% and funding of EGP 1.284bn, with 105 branches.
In fifth place came the Association for the Development of Small and Micro Enterprises (Al-Mobadara) with a market share of 4.94%, funding worth EGP 1.113bn, and 86 branches. Aman for Microfinance followed, with a share of 4.41%, funding worth EGP 1.051bn, and 94 branches.
In seventh place, Tamweely came with a share of 3.98% and funding worth EGP 896.810m, with 98 branches. The Dakahlya Businessmen Association for Community Development had a share of 3.88% and funding worth EGP 874.690m as well as 33 branches.
In ninth place came the Leaders Egyptian Association for Development with a share of 3.31%, funds of EGP 774.435m, and 32 branches.
Al-Tadamun Microfinance Foundation came in 10th place with a share of 2.87%, funding of EGP 648.082, and 106 branches.
