ArabFinance: The volume of Egypts microfinance activities hiked 40% Year on Year (YoY) during October 2021, according to a recent report by the Financial Regulatory Authority (FRA) on non-banking financial activities.

The volume of microfinance activities reached EGP 25 billion in October 2021, compared to EGP 17.86 billion in October 2020.

According to the report, the number of beneficiaries of microfinance reached 3.41 million people in October 2021, compared to 3.14 million beneficiaries in October 2020.

Microfinance companies accounted for the largest market share in October 2021, at 56.98%, followed by associations and civil institutions of category (A) 37.07%, then civil associations and institutions of category (C) 3.14%, and associations and institutions of category (B) 2.81%.

Commercial activity accounted for 61% of the total microfinance volume in October 2021, followed by agricultural activity 18.86%, services 13.39%, and productive activity 6.74%.

Additionally, factoring activity achieved an 85% growth in the total volume of securities during the first 10 months in 2021 to EGP 15.363 billion, compared to the EGP 8.302 billion recorded in the same period of 2020.

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