{"id":557120,"date":"2021-09-07T04:00:15","date_gmt":"2021-09-07T04:00:15","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/09\/07\/contact-abou-ghaly-to-launch-abou-ghaly-finance\/"},"modified":"2021-09-07T04:00:15","modified_gmt":"2021-09-07T04:00:15","slug":"contact-abou-ghaly-to-launch-abou-ghaly-finance","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/09\/07\/contact-abou-ghaly-to-launch-abou-ghaly-finance\/","title":{"rendered":"Contact, Abou Ghaly to launch Abou Ghaly Finance"},"content":{"rendered":"

<\/a> Consumer finance provider <\/strong>Contact Financial<\/a><\/strong> and <\/strong>Abou Ghaly Motors<\/a><\/strong> will <\/strong>join forces to launch <\/strong>Abou Ghaly Finance <\/strong>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.<\/p>\n

The new company will aggregate several services<\/strong>, 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<\/a>(pdf)<\/a>.<\/p>\n

This isn't Contact's first time partnering with automotive outfits<\/strong>, previously providing financing to clients of Mercedes, BMW and Kia, Zater said.<\/p>\n

Contact <\/strong>rebranded<\/a><\/strong> from Sarwa Capital earlier this year: <\/strong>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.<\/p>\n

The market has boomed over the past year<\/strong>, with a number of companies acquiring consumer finance licenses including CI Capital\u2019s Souhoola<\/a>, GB Auto\u2019s Drive<\/a> and Abdul Latif Jameel<\/a>.<\/p>\n

Contact is also looking to launch an e-payments company soon <\/strong>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<\/a> 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.<\/p>\n

Another play in the e-payments Egyptian market? <\/strong>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<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

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 […]<\/p>\n","protected":false},"author":1,"featured_media":557121,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[9710],"tags":[514,933,72,7087,183],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-557120","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-consumer-finance","tag-consumer-finance","tag-contact-financial","tag-enterpriseam","tag-finance","tag-fintech","wpautop","entry"],"acf":{"mongo_id":"0f7d674d-f29f-485a-9c9a-e68debf5a728","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2021\/9\/90.jpg","photo_position":"above","related_issue":[557111],"teaser":"","voice_url":""},"yoast_head":"\nContact, Abou Ghaly to launch Abou Ghaly Finance - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2021\/09\/07\/contact-abou-ghaly-to-launch-abou-ghaly-finance\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Contact, Abou Ghaly to launch Abou Ghaly Finance\" \/>\n<meta property=\"og:description\" content=\"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. 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