The microfinance portfolio exceeds 19.5 billion pounds for 3.2 million beneficiaries

Economy and stock exchange

Mona Zulfikar, Chairman of the Egyptian Microfinance Union, announced the microfinance balances at the end of the first quarter of 2019, which exceeded LE 19.5 billion, a growth rate of 10.1% compared to the end of December 2018 and grew by 50.4% compared to the end of the first quarter of 2018, and the number of beneficiaries exceeded 3.237 million customers at a growth rate of 2.8% compared to the end of December 2018 and growth of 18.8% compared to the end of the first quarter of 2018.

Muna Zulfikar added that the NGOs working in the activity have been raised to the number of beneficiaries to serve 1.8 million customers by the end of the first quarter of 2019, achieving a growth rate of 7% at the end of the first quarter of 2018, while the banks acquired a center In terms of value of the credit portfolio to reach 6.575 billion pounds at the end of the first quarter of 2019, achieving growth of 4.4% compared to the end of December 2018, and grew by 28% from the end of the first quarter of 2018, according to the latest report issued by the Financial Supervisory Authority.

The number of beneficiaries reached 961,000, a growth rate of 10% over the end of December 2018 and a growth of 49.4% compared to the end of the first quarter of 2018. Its credit portfolio jumped 15.7% to 6.078 billion The first quarter of 2019, with a record growth of 81.3% compared to the first quarter of 2018, according to the report of the Authority, and is ranked third in terms of value of the portfolio.

According to the Chairman of the Board of Directors of the Egyptian Microfinance Union, the banks ranked third in terms of number of beneficiaries at 383 thousand at the end of the first quarter of 2019 with a growth rate of 4.1% from December 2018 and a growth of 22.7% compared to the end of the first quarter of 2018, while it ranked first in terms of the value of its direct credit portfolio, which amounted to 6.940 billion pounds, a growth rate of 11.2% compared to the end of December 2018 and growth of 52.8% end of the first quarter of 2018.

Mona Zulfikar said in a press release on Tuesday that the microfinance industry has witnessed a remarkable growth during the last period, especially in light of the efforts exerted by the state to achieve financial coverage and interest in merging with customers who are not financially covered. The General Authority for Financial Supervision, as well as the Small, Medium and Small Enterprises Development Agency.

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