FRA defers payment of 50% of microcredit installments

CAIRO - 29 March 2020: Chairman of the Financial Regulatory Authority (FRA) Mohamed Omran said on Sunday that the payment of 50 percent of the micro-credit installments will be deferred.

No additional fees or fines will be imposed by the FRA over the delay of payments, Omran added.

The move falls within the framework of a parcel of measures taken by the FRA to offer facilitation for micro-credit beneficiaries and maintain the safety and stability of the economic activities, the FRA said in a statement obtained by MENA.

The decision followed consultation with the representatives of the Egyptian Microfinance Federation and the unit tasked with overseeing the micro-financing activities, the statement read.

Also, the FRA said it will offer facilitation for the micro-finance beneficiaries who regularly pay the dues, including bearing the fees of their e-payments, liaising with the insurance bodies in order to pay part of installments on their behalf, along with cutting down the cots of administrative fees.