The Financial Regulatory Authority (FRA) revealed that the number of entities licensed to engage in microfinancing activity increased by 36 during the first quarter (1Q) of 2022. Furthermore, the authority added that the total number of existing outlets for companies engaged in microfinance increased to 1,366 outlets, compared to 1,064. The number of outlets of NGOs and institutions engaged in Category A activity was 900 outlets and branches, compared to 742, and 120 outlets and branches for Category B activity, compared to 100. Meanwhile, the number of civil entities and institutions engaged in Category C activity rose to 1,058, up from 989. Furthermore, according to the authority, the volume of debit balances recorded about EGP 11.602bn, compared to EGP 7.195bn — an increase of 61.2%.

Source: The North Africa Journal June 12, 2022 06:05 UTC