Cairo – Mubasher: Microfinance balances surged by 42.7% to EGP 23.1 billion at the end of the third quarter of 2019, the Egyptian Microfinance Federation (EMF)'s head Mona Zulficar was quoted by Ahram Gate.
The number of beneficiaries rose by 12.5% to 3.408 million customers at the end of September, she added.
Non-governmental organisations (NGOs) came in the first place in terms of the number of beneficiates with 1.916 million customers at the end of Q3-19, up by 2.2% from Q3-18, and the last place in terms of the value of microfinance balances of EGP 7.292 billion, up 23.02% from the prior-year period.
Microfinance companies was in the second spot in terms of the number of beneficiaries with 1.097 million customers and in terms of the credit balances with EGP 7.592 billion at the end of September.
Meanwhile, banks providing retail and corporate microfinance was in the third place with total number of beneficiaries of about 395,000 customers, but topped the list with a microfinance portfolio of EGP 8.291 billion.
