{"id":561648,"date":"2021-04-15T04:00:01","date_gmt":"2021-04-15T04:00:01","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/04\/15\/torrid-growth-continues-in-factoring-microfinance\/"},"modified":"2021-04-15T04:00:01","modified_gmt":"2021-04-15T04:00:01","slug":"torrid-growth-continues-in-factoring-microfinance","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/04\/15\/torrid-growth-continues-in-factoring-microfinance\/","title":{"rendered":"Torrid growth continues in factoring, microfinance"},"content":{"rendered":"<p><a class=\"content-anchor\" id=\"tldr-story-05\"><\/a> <strong>G<\/strong><strong>B Auto\u2019s NBFS arm Drive had the largest share of Egypt\u2019s factoring market<\/strong> <strong>in February <\/strong>after more than doubling lending during the month, according to official figures. The Financial Regulatory Authority\u2019s <a href=\"https:\/\/ent.news\/2021\/4\/FRA-NBFS-report-Feb21.pdf\">monthly report (pdf)<\/a> on the NBFS sector shows that Drive increased its market share to almost 22% in February after loaning out EGP 254 mn, up from <a href=\"https:\/\/ent.news\/2021\/4\/FRA-NBFS-report-Jan21.pdf\">EGP 115 mn in January (pdf)<\/a>. <a href=\"https:\/\/www.egyptfactors.com\/\">Egypt Factors<\/a> had the second-largest share of the market at 17.7% and QNB Factoring was in third with 16%. Drive had a 13% market share in January, behind EFG Hermes Corp-Solutions, Egypt Factors and QNB Factoring. Drive Managing Director Ahmed Osama <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/20943176-100d-488a-9d94-017709330951\">said last month<\/a> that the company is aiming to raise its share of the overall non-bank lending market \u2014 which also includes its auto finance and forthcoming consumer finance activities \u2014 to 25% by the end of 2021.<\/p>\n<p><strong>Factoring market on the up:<\/strong> Monthly lending in the sector grew more 40% y-o-y to EGP 1.17 bn, from EGP 830.1 mn in February 2020 \u2014 outpacing the 30% growth rate it posted in January. Total lending in the sector now stands at EGP 6.93 bn.<\/p>\n<p><strong>Microfinance market posts its seventh consecutive month of growth:<\/strong> The value of micro loans rose to EGP 20.2 bn in February, up 14% from EGP 17.7 bn from the same month in 2020, according to the report. This continues a trend that has seen the value of micro loans rise for seven consecutive months, up 16% from less than EGP 17.4 bn last August.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>GB Auto\u2019s NBFS arm Drive had the largest share of Egypt\u2019s factoring market in February after more than doubling lending during the month, according to official figures. The Financial Regulatory Authority\u2019s monthly report (pdf) on the NBFS sector shows that Drive increased its market share to almost 22% in February after loaning out EGP 254 [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":561649,"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":[8022],"tags":[72,593,241,595],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-561648","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-nbfs","tag-enterpriseam","tag-factoring","tag-gb-auto","tag-non-banking-financial-services","wpautop","entry"],"acf":{"mongo_id":"b78e0a2d-f60f-4804-befb-6e026cb3a197","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2021\/4\/159.jpg","photo_position":"above","related_issue":[561639],"teaser":"","voice_url":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Torrid growth continues in factoring, microfinance - 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\/04\/15\/torrid-growth-continues-in-factoring-microfinance\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Torrid growth continues in factoring, microfinance\" \/>\n<meta property=\"og:description\" content=\"GB Auto\u2019s NBFS arm Drive had the largest share of Egypt\u2019s factoring market in February after more than doubling lending during the month, according to official figures. The Financial Regulatory Authority\u2019s monthly report (pdf) on the NBFS sector shows that Drive increased its market share to almost 22% in February after loaning out EGP 254 [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2021\/04\/15\/torrid-growth-continues-in-factoring-microfinance\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2021-04-15T04:00:01+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2021\/4\/159.jpg?fit=%2C&ssl=1\" \/>\n<meta name=\"author\" content=\"enterpriseam admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"enterpriseam admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/04\/15\/torrid-growth-continues-in-factoring-microfinance\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/04\/15\/torrid-growth-continues-in-factoring-microfinance\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"Torrid growth continues in factoring, microfinance\",\"datePublished\":\"2021-04-15T04:00:01+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/04\/15\/torrid-growth-continues-in-factoring-microfinance\/\"},\"wordCount\":240,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/04\/15\/torrid-growth-continues-in-factoring-microfinance\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2021\/4\/159.jpg?fit=%2C&ssl=1\",\"keywords\":[\"EnterpriseAM\",\"factoring\",\"GB Auto\",\"non-banking financial services\"],\"articleSection\":[\"NBFS\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/04\/15\/torrid-growth-continues-in-factoring-microfinance\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2021\/04\/15\/torrid-growth-continues-in-factoring-microfinance\/\",\"name\":\"Torrid growth continues in factoring, microfinance - 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EFG Hermes Corp-Solutions\u2019 market share stood at 21.8% in June after loaning out EGP 2.2\u2026","rel":"","context":"In &quot;NON-BANK LENDING&quot;","block_context":{"text":"NON-BANK LENDING","link":"https:\/\/enterpriseam.com\/egypt\/category\/non-bank-lending\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/8\/223.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":566735,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/07\/11\/gb-auto-gets-fra-nod-to-expand-consumer-finance-activities\/","url_meta":{"origin":561648,"position":1},"title":"GB Auto gets FRA nod to expand consumer finance activities","author":"enterpriseam admin","date":"11 July 2021","format":false,"excerpt":"GB Auto has landed final regulatory approval to launch new consumer finance activities for factoring arm Drive, according to a company statement (pdf). The nod from the Financial Regulatory Authority (FRA) will allow Drive to widen its activities beyond car finance into other market segments. Drive had received an initial\u2026","rel":"","context":"In &quot;SPEED ROUND: CONSUMER FINANCE&quot;","block_context":{"text":"SPEED ROUND: CONSUMER FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round-consumer-finance\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":559333,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/01\/18\/rawaj-to-issue-egp-308-mn-in-securitized-bonds\/","url_meta":{"origin":561648,"position":2},"title":"Rawaj to issue EGP 308 mn in securitized bonds","author":"enterpriseam admin","date":"18 January 2021","format":false,"excerpt":"Consumer finance company Rawaj is reportedly planning a EGP 308 mn issuance of securitized bonds in a sale arranged and managed by CIB, Al Mal reports, citing unnamed sources with knowledge of the matter. The issuance is awaiting approval from the Financial Regulatory Authority, and should be concluded by the\u2026","rel":"","context":"In &quot;DEBT WATCH&quot;","block_context":{"text":"DEBT WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/debt-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":572387,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/06\/23\/aih-to-invest-egp-60-mn-in-its-nbfs-subsidiaries-this-year\/","url_meta":{"origin":561648,"position":3},"title":"AIH to invest EGP 60 mn in its NBFS subsidiaries this year","author":"enterpriseam admin","date":"23 June 2020","format":false,"excerpt":"INVESTMENT WATCH- Arabia Investment Holding (AIH) is planning to invest EGP 60 mn this year in its non-banking financial services subsidiaries, leasing company UE Finance, auto financing firm Rawaj, and its soon-to-be established factoring company, the local press reports, citing unnamed sources. The company is also considering more stock buybacks,\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":562093,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/05\/06\/efgs-leasing-and-factoring-ambitions\/","url_meta":{"origin":561648,"position":4},"title":"EFG\u2019s leasing and factoring ambitions","author":"enterpriseam admin","date":"6 May 2021","format":false,"excerpt":"EFG Hermes Corp-Solutions plans to grow its leasing and factoring portfolio by EGP 3 bn in 2021, CEO Talal Elayat told Al Mal, according to a report in the newspaper\u2019s print edition this morning. The company signed leasing and factoring agreements worth EGP 1 bn in 1Q2021, bringing its total\u2026","rel":"","context":"In &quot;DEBT WATCH&quot;","block_context":{"text":"DEBT WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/debt-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":567434,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/01\/22\/fra-sets-up-committee-of-nbfs-to-participate-in-cbes-initiative-to-rehabilitate-financially-troubled-clients\/","url_meta":{"origin":561648,"position":5},"title":"FRA sets up committee of NBFs to participate in CBE\u2019s initiative to rehabilitate financially troubled clients","author":"enterpriseam admin","date":"22 January 2020","format":false,"excerpt":"FRA to bring NBFS firms on board with CBE corporate debt forgiveness initiative: The Financial Regulatory Authority (FRA) is forming a committee to assess how non-banking financial services companies can be brought into the Central Bank of Egypt\u2019s initiative to support financially-distressed companies, the regulator said in a statement. 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