The Financial Supervisory Authority (FRA) revealed that about 104,000 microfinance clients disbursed funds worth EGP 1.07 billion electronically during the second quarter of 2021.
The total number of clients was divided into males and females, bringing the number of male clients who disbursed funds electronically to 55,800, and the number of female clients recorded 48,600 during Q2 of 2021.
The report also added that about 963,600 microfinance clients paid installments electronically at a value of EGP 1.89 billion during the same period.
The number of male customers who paid the installments electronically reached 434,500 customers, while the number of female customers recorded about 529,100 customers.
The authority’s report on the activity of financing micro-projects for associations, NGOs and companies revealed that the total balances of category “A” associations amounted to 8.6 billion pounds at the end of the second quarter of 2021, and the number of beneficiaries recorded 1.7 million beneficiaries.
The total balances of microfinance companies amounted to EGP 12.5 billion with a total number of 1.34 million beneficiaries.
The total balances of the “C” associations recorded EGP 784.7 million with a total number of 151,200 beneficiaries. The total funding of the civil societies and institutions of category “B” amounted to about EGP 614,01 million with a total number of 85,700 beneficiaries.
Microfinance is a category of financial services targeting individuals and small businesses who lack access to conventional banking and related services.