By Ahmed Allam and Mahmoud Salah El-Deen

Cairo – Mubasher: The Egyptian Financial Supervisory Authority (EFSA) seeks the central bank’s approval to start applying cell phones’ microfinance money-transfer services, said EFSA Chairman Sherif Samir Samy.

“The authority addressed the bank of Egypt to provide mechanisms for mobile microfinance money-transfer services instead of traditional methods”, the Chairman added on the sidelines of a microfinance workshop held In Suez. 

By the end of March 2016, 1.5 million microfinance clients were granted EGP 3.1 billion, Samy stated.

The microfinance system is governed by the law no 141/2014 and sets a cap of EGP 100,000 for each business activity.