The Financial Regulatory Authority (FRA) revealed that the number of entities licensed to engage in microfinancing activity increased by 36 during the first quarter (1Q) of 2022.
The authority clarified in a recent report that these entities are divided into 32 bodies and civil institutions along with four companies, bringing the total number to 1,026, compared to 1Q 2021’s 990.
Furthermore, the authority added that the total number of existing outlets for companies engaged in microfinance increased to 1,366 outlets, compared to 1,064.
The number of outlets of NGOs and institutions engaged in Category A activity was 900 outlets and branches, compared to 742, and 120 outlets and branches for Category B activity, compared to 100.
Meanwhile, the number of civil entities and institutions engaged in Category C activity rose to 1,058, up from 989.
In the same context, the authority’s report revealed an increase in the number of listed companies — whether companies specialised in the field of factoring or adding the factoring activity to another activity — to 30 companies, up from 22.
The report also indicated that the total volume of factored securities increased by 90.8% to record EGP 6.62bn, up from 1Q 2021’s EGP 3.47bn.
Furthermore, according to the authority, the volume of debit balances recorded about EGP 11.602bn, compared to EGP 7.195bn — an increase of 61.2%.
The report also revealed an increase in the number of companies obtaining a license to practice real estate finance activity, recording 16 registered companies, up from 14 — an increase of 14.3% — indicating an increase in the issued capital of these companies to EGP 2.831bn, compared to EGP 2.402bn — an increase of 17.8%.
Additionally, the volume of financing granted by companies recorded about EGP 3.465bn, compared to EGP 1.703bn — an increase of 103.46% — while the number of investors in the sector reached 2,577, compared to 1,466 investors — an increase of 75.7%.
