Head of FRA n: 3.5 Million People Benefit from  Microfinance

Dr. Mohamed Emran, Chairman of the Financial Regularity  Authority (FRA), said that the total number of beneficiaries of the activity of financing medium, small and micro enterprises reached 3.5 million beneficiaries by the end of 2021, compared to 3.2 million beneficiaries at the end of 2020, with a growth rate of 9.4%.

The value of   financing balances amounted to  EGP 26.8 billion   at the end of 2021, compared to  EGP 19.3 billion   at the end of 2020, with a growth rate of 38.9%. 2021.

Dr. Emran added, during a press conference, held this morning, Monday, at the headquarters of the FRA i  in the Smart Village, to announce the harvest of the performance of non-banking financial activities during 2021, that the activity of consumer finance - the latest non-bank financial activities that were subject to the supervision of the authority - witnessed an increase.

The value of financing amounted to EGP 17.2 billion  in 2021, compared to  EGP 8.4 billion  in 2020, achieving a growth rate of 104.8 percent.

Emran stated that the electronic registry of movable guarantees was launched in March 2018, and since then until the end of 2021 the value of the declarations on movable assets amounted to EGP 984.6 billion, and their number exceeded 105 thousand declarations, and the increase in the value of declarations was about 33.5%, by the end of the year 2021.