EFSA chairman reviews life insurance initiative for clients of micro funding
CAIRO, June 12 ,2018(MENA) - Chairman of the Egyptian Financial Supervisory Authority (EFSA) Mohamed Omran met Tuesday with board members of companies tasked with bankrolling micro-sized projects to discuss an obligatory life insurance initiative that should cover recipients of loans.
It is a step toward expanding the social safety network, Omran said.
The meeting took up a mechanism by which to implement the initiative that addresses 2.4 million Egyptians who received some 8.4 billion pounds worth of micro-sized loans until the end of the first quarter of 2018, an EFSA statement said.
Under the initiative institutions that provide micro funds will be obliged to also offer a set of integrated non-banking financial services, Omran was quoted as having said.
Participants agreed on the need to apply that initiative, which takes into consideration the best interests of small clients especially in light of an ever growing and developing market, the statement added.