Contact, Abou Ghaly to launch Abou Ghaly Finance
Consumer finance provider Contact Financial and Abou Ghaly Motors will join forces to launch Abou Ghaly Finance within the coming months, a company that will offer financing solutions to those wishing to purchase an Abou Ghaly vehicle, Contact Financial CEO Saeed Zater told us. The company has applied for a license from the Financial Regulatory Authority and hopes to receive it in the coming months, Zater said.
The new company will aggregate several services, offering clients a choice of payment plans and methods, as well as solutions to help them pay for maintenance costs, spare parts, various types of ins., according to a statement (pdf).
This isn't Contact's first time partnering with automotive outfits, previously providing financing to clients of Mercedes, BMW and Kia, Zater said.
Contact rebranded from Sarwa Capital earlier this year: The company currently has a 28.5% market share of the consumer financial services market, Zater told us, adding that currently there are currently 26 licensed consumer finance providers.
The market has boomed over the past year, with a number of companies acquiring consumer finance licenses including CI Capital’s Souhoola, GB Auto’s Drive and Abdul Latif Jameel.
Contact is also looking to launch an e-payments company soon and is hoping to acquire its e-payment license this month, Zater told us. The company will initially start operating through 250 Contact-affiliated outlets across the country with e-payments processing capabilities in the initial stage of the rollout, after which the company will install payment machines to serve its clients.
Another play in the e-payments Egyptian market? Though big names like Fawry and Valu have dominated the market, e-payments is a fast-growing segment, increasing sevenfold since the start of the pandemic as more Egyptians go digital.