The Financial Regulatory Authority (FRA) has revealed that microfinance that associations and companies pumped increased to EGP 41bn in April 2023, compared to EGP 31.2bn in April 2022.
In a report, the authority stated that the value of financing granted to microenterprises by companies and associations amounted to about EGP 3.2bn for 187,000 beneficiaries in April.
It added that the companies acquired 62.06% of the financing balances, then associations and civil institutions of category “A” with a rate of 34.56%. In third place came the associations and civil institutions of the category “C” with a rate of 2.25%, then the associations and civil institutions of category “B” by 1.13%.
According to the authority, the commercial activity came at the forefront of the sectors that were funded, by 59.23%, then the agricultural activity by 20.12%, then the service activity by 13.95%, and finally the productive activity by 6.71%.
The number of beneficiaries increased by the end of April to 3.91 million beneficiaries, compared to 3.69 million beneficiaries by the end of April 2022.
FRA pointed out that the value of financing granted to small and medium enterprises (SMEs) amounted to about EGP 282m, for 300 beneficiaries, in April.
The authority revealed that the total balances directed to activity amounted to EGP 2.68bn at the end of April 2023, compared to EGP 600m at the end of April 2022.
The number of beneficiaries increased from 660 in April 2022 to 3,002 in April 2023.
On the other hand, the authority revealed that the volume of financing granted by consumer finance companies reached EGP 13.110bn during the period from January to April 2023, compared to EGP 9.163bn during the same period in 2022, an increase of 43.1%.
The Authority revealed that the number of customers increased from EGP 909,100 customers at the end of April 2022, to 81.131 million during the same period of 2023, an increase of 24.4%.
Electrical appliances and electronics accounted for 36.19% of the financing value, then the purchase of cars and vehicles by 31.41%, and in the third place came home finishes and equipment at 5.95%.
The purchase of clothes, shoes, bags, watches, jewelry and eyeglasses came at a rate of 5.95%, then furniture and home equipment at a rate of 4.96%.
On the other hand, the authority revealed an increase in the value of financial leasing contracts during the period from January to April 2023 to EGP 36.842bn, compared to EGP 26.412bn during the same period in 2022, an increase of 39.5%.
It indicated that the total number of contracts decreased by 47.9%, to record 636 contracts by the end of April 2023, compared to 1,220 contracts during the same period in 2022.
The real estate and land sector accounted for 91% of the value of financial leasing contracts at the end of April, then the transport vehicles sector by 2.96%, and finally the machinery and equipment sector by 2.26%.
