The First MicroFinance Foundation Egypt (FMF-E) aims to promote economic empowerment and financial inclusion in Cairo and Upper Egypt by providing a diverse range of financial and non-financial products and services to support income-generating economic activities and micro, small and medium enterprise (SME) development.
FMF-E was established in 2005 by the Aga Khan Agency for Microfinance. From its inception in the historic district of Darb Al-Ahmar in Cairo, FMF-E has expanded to serve rural populations across Upper Egypt.
FMF-E is committed to alleviating poverty by supporting individuals in becoming self-reliant and in improving their quality of life.
FMF-E currently operates nine branches and two outlets across Cairo, Aswan and Qena Governorates. The majority of FMF-E’s clients reside in rural areas and earn less than US$ 1 per day; a large proportion of all clients are female. While its loan portfolio in is primarily comprised of loans for trading and commerce purposes, in Upper Egypt the focus is on livestock and fishing loans that constitute almost 50% of FMF-E’s total loan portfolio.
In addition to serving micro-entrepreneurs, in recent years FMF-E has expanded into SME finance to serve this “missing middle” with working capital and asset finance. FMF-E’s SME portfolio has been growing steadily and is now approximately 15 percent of its outstanding portfolio.
Under the new microfinance law FMF-E is planning to transform itself into a for-profit micro-credit company. As a part of its new strategy, FMF-E also plans to leverage technology and various digital channels to increase its outreach while offering loans at greater conveniences and lower costs across its network.
