Contact Financial Holding’s consumer financing arm is earmarking EGP 2 bn for tuition financing in 2H2022, Contact CEO and Managing Director Said Zater told Enterprise, confirming reports from Hapi. The company already has agreements with some schools and universities to offer fee payment plans, Zater said, adding that parents can also get financing for tuition fees through direct agreements with Contact.

Contact is also eyeing healthcare financing in 2H2022, Zater said — especially dental care. The company is currently in talks with several companies on financing medical equipment, and is set to finalize a factoring agreement with online dental marketplace Toothpick within days.

The company is also looking into agriculture financing, including for irrigation equipment, solar power plants on large farms, and seeds, Zater said.

This comes on the back of a strong first quarter for Contact Financial Holding: The company’s net income jumped 40% y-o-y to EGP 154 mn in 1Q2022. Net income from Contact’s financing business rose 46% y-o-y to EGP 141 mn. The company saw a near five-fold increase in new consumer finance, driven by growth in home interior, club membership, and education financing.