The Financial Regulatory Authority’s (FRA) Chairman, Mohamed Omran, approved the launch of the second nano-finance product in the Egyptian market.
The product will allow borrowing up to EGP 3,000 to be repaid over a period not exceeding 90 days, Omran said in a statement on Monday.
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The funding is aimed at covering the financial needs of the neediest persons owning micro-enterprises, including farmers and street vendors, he added.
The FRA approved the first nano-finance licence at the end of 2019 and the first product was launched in the second half (H2) of 2020.
The nano-finance portfolio surged to EGP 1.5 million, directed to 7,562 beneficiaries, in mid-July 2021, compared to EGP 790,000, directed to 3,429 beneficiaries, at the end of 2020.
