Preview: Zamalek eyeing revenge over depleted Ahly in Cairo derby    Messi nets 2, Barcelona beat Bilbao 4-0 to win Copa del Rey    Libya welcomes UN decision to deploy cease-fire monitors    Morocco's Ziyech fires Chelsea to win over Man City in FA Cup semi-final    France reports daily decline in COVID-19 patients in intensive care    Egypt to launch artistic Ramadan Nights Festival    MCDR to start board nomination procedures on Sunday    Sudan wants legally binding agreement on Ethiopia's Nile Dam, not war: Al-Burhan    Egyptian architects win UNESCO competition to rebuild Mosul's Al-Nouri Mosque    Tunisia closes schools until April 30 to slow spread of coronavirus    Egypt's Environment Minister witnesses closing of training on sanitary landfills    Egypt demands fair distribution of COVID-19 vaccines    Egypt launches technical competence programme for Higher Education Ministry staff    'El-Malek' series resumes filming following outcry    Egypt's Cultural Development Fund begins Ramadan programme    Five people killed as police fire at protesting workers in Bangladesh    Egypt joins JPMorgan Chase government bond index watch list    Egypt, Pakistan may sign an MoU between Suez Canal Authority, Gwadar Port Authority    Funeral to praise Philip's 'courage' and support for queen    Egypt urges dissuading Ethiopia from taking unilateral action on GERD in letter to UNSC    Biden says Iranian enrichment to 60% unhelpful, but glad about talks    Sisi stresses to Djibouti president importance of reaching GERD settlement to avoid regional instability    We will resort to international community after all GERD negotiations finish: Egypt FM    President Sisi supports Eni expanding operations in Egypt    10 emerging writers receive $50,000 Whiting Awards    J.K. Rowling children's story 'The Christmas Pig' out in October    2 crew members of impounded Ever Given allowed to return home for personal emergencies: Suez Canal Authority    Egypt condemns continued attacks by Yemen's Houthi militias towards Saudi territory    Turkey to send delegation to Egypt in May, its foreign minister says    EFG Hermes determines fair value of Arab Investment Bank at EGP1.1bln    SODIC hires Hermes to study acquisition offer by Aldar Properties    Veteran Egyptian journalist Makram Mohamed Ahmed passes away at 86    Fans allowed at opening match of UEFA EURO 2020: Italy    Egypt halts traditional amateur football tournaments during Ramadan    Al Ahly get ready for fierce league clash against Zamalek    Egypt Press Syndicate condemns Health Ministry's alleged media obstruction    Egypt tourism minister discusses preparations for upcoming Arabian Travel Market with UAE    Egypt, Turkey eye new phase of bilateral relations    Egyptian farmers fearful as Ethiopia goes for 2nd Blue Nile dam filling    Party consensus    Russian FM says Egypt is main partner in Middle East, Africa    Egypt sees an uptick in new coronavirus infections registers 801 new cases on Saturday    PMI moves towards a smoke-free transformation, takes part in a webinar on e-cigarettes    Allianz Egypt partners with IGNITE to equip brand ambassadors for 2021 Olympics    Hassan Allam consortium wins contract to manage, operate Grand Egyptian Museum    Enhanced Labs signs Mr. Olympia 2020 "Big Ramy" And His Trainer Dennis James    King Tutankhamun funerary mask is must-see tourist icon: The Telegraph    Seasoned Egyptian screenwriter Wahid Hamed dies at 76    

Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.

Egypt's microfinance market records EGP 17.866bn in Q1 of 2020
About 2,456 customers benefited from nano-finance products, with total EGP 577.3m in funds granted
Published in Daily News Egypt on 15 - 07 - 2020

Egypt's microfinance market amounted to about EGP 17.866bn in the first quarter (Q1) of 2020, granted to 3.2 million customers, the Financial Regulatory Authority (FRA) has announced.
An FRA report noted that the total financing granted to microfinance companies stands at about EGP 9.296bn given to about 1.192 million beneficiaries in that period. This compared to the EGP 6.078bn granted to about 960,600 beneficiaries in the same period of 2019.
The authority's report revealed that the total financing granted by "Class A" civil society organisations amounted to EGP 7.196bn for 1.718 million beneficiaries in Q1 of 2020. This compared to EGP 5.303bn for 1.5 million beneficiaries at the end of the Q1 of 2019.
The total funding by "Class B" civil society organisations stood at EGP 642.5m for about 125,200 customers in March 2020, while it reached EGP 730.46m for "Class C", benefiting for about 164,100 customers.
The authority added that 59 new entities were licensed to engage in microfinance activities during Q1 of 2020. Of these, 57 are classed as associations and private institutions, and two as companies.
The number of entities providing microfinance services increased to 969, alongside 1,618 branches, in Q1 of 2020.
Microfinance services outlets grew by about 500 in Q1 of 2020, to reach 2,587 outlets in Q1 of 2020, compared to 2,087 outlets in Q1 of 2019.
Meanwhile, the FRA noted that the beneficiaries of nano-finance products currently amounted to about 2,456. They received a financing of EGP 577.300m in Q1 of 2020.
The agricultural sector had the lion's share of the total nano-financing, at 46%, followed by the commercial sector with 31.4% and the service sector with 22.4%.
FRA Chairperson Mohamed Omran said this type of financing depends mainly on digital technologies.
Omran added that the nano-financing targets small farmers, self-employed. homemade projects, and street vendors.

Clic here to read the story from its source.