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EFSA authorize 10 new microfinance NGOs

EFSA authorize 10 new microfinance NGOs
EFSA chairman Sherif Samy - (Photo Credit: Arabianeye-Reuters)

Cairo - Mubasher: The Egyptian Financial Supervisory Authority (EFSA) has given 10 new licenses to non-governmental organizations (NGOs) to offer microfinance, according to a press release.

EFSA also approved the opening of 7 new branches for companies providing microfinance, rising the number of authorized microfinance providers to 728 institutes, including three companies, according to EFSA chairman Sherif Samy.

Samy said that microfinance loans totalled EGP 4 billion given to 1.8 million clients, 74% of which are individuals while the remaining 26% are groups.