The Financial Regulatory Authority (FRA) has introduced a Responsible Pricing Reference Index in the non-banking financial sector, which covers the financing of micro, small, and medium enterprises (MSMEs). Farid said that the index includes all the prices of microfinance products offered by licensed entities, whether individual or group financing. He also said that the index will help them avoid price risks that increase their financial burdens. Ahmed Khorshid, CEO and board member of Tamweely Microfinance, said that the index will have a positive impact on the microfinance market, by enhancing the principles of customer protection, disclosure, and transparency. The FRA stated that the index is important because it serves nearly 3.9 million citizens, with a total financing of EGP 45.5bn until July 2023.

Source: Daily News Egypt September 12, 2023 05:43 UTC