Contact, Aman awarded Egypt’s first consumer financing licenses

Contact, Aman awarded Egypt’s first consumer financing licenses: Contact, a subsidiary of consumer- and structured-finance player Sarwa Capital, has been awarded Egypt’s first consumer finance license, the Financial Regulatory Authority (FRA) said yesterday. The FRA also granted Raya Holding subsidiary Aman the second license.

Other consumer finance outfits applyingto receive licenses include EFG Hermes’ valU, Premium Card, and CI Capital’s Souhoola. The licenses will be awarded under the Consumer Credit Act, which President Abdel Fattah El Sisi ratified last month.