{"id":566735,"date":"2021-07-11T14:05:39","date_gmt":"2021-07-11T14:05:39","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/07\/11\/gb-auto-gets-fra-nod-to-expand-consumer-finance-activities\/"},"modified":"2021-07-11T14:05:39","modified_gmt":"2021-07-11T14:05:39","slug":"gb-auto-gets-fra-nod-to-expand-consumer-finance-activities","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/07\/11\/gb-auto-gets-fra-nod-to-expand-consumer-finance-activities\/","title":{"rendered":"GB Auto gets FRA nod to expand consumer finance activities"},"content":{"rendered":"<p><a class=\"content-anchor\" id=\"tldr-story-03\"><\/a> <strong>GB Auto has landed final regulatory approval to launch new consumer finance activities for <\/strong><strong>factoring arm <\/strong><strong><a href=\"http:\/\/ghabbourauto.com\/GBCapital\/Drive.aspx\">Drive<\/a><\/strong>, according to a company <a href=\"https:\/\/ent.news\/2021\/7\/Drive-Receives-Preliminary-Final-on-Consumer-Financing-License-EN.pdf\">statement (pdf)<\/a>. 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 <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/e30f8bcd-2190-41a4-a757-2410879f3964\">initial nod<\/a> from the FRA to launch consumer finance products back in 2020.<\/p>\n<p><strong>Drive had the largest share of Egypt\u2019s factoring market<\/strong> in <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/b78e0a2d-f60f-4804-befb-6e026cb3a197\">February<\/a>, increasing its market share to almost 22% in February after loaning out EGP 254 mn. Its market share in <a href=\"https:\/\/ent.news\/2021\/7\/%D8%AA%D9%82%D8%B1%D9%8A%D8%B1-%D8%A7%D9%84%D8%A3%D8%AF%D8%A7%D8%A1-%D8%A7%D9%84%D8%B4%D9%87%D8%B1%D9%8A-%D9%84%D9%84%D8%A3%D9%86%D8%B4%D8%B7%D8%A9-%D8%A7%D9%84%D9%85%D8%A7%D9%84%D9%8A%D8%A9-%D8%BA%D9%8A%D8%B1-%D8%A7%D9%84%D9%85%D8%B5%D8%B1%D9%81%D9%8A%D8%A9-%D8%B9%D9%86-%D8%B4%D9%87%D8%B1-%D9%85%D8%A7%D9%8A%D9%88-2021.pdf\">May<\/a> dropped to 6.31% however, with EGP 280.6 mn worth of contracts.<\/p>\n<p><strong>Sarwa Capital\u2019s subsidiary <\/strong><strong>Contact and Raya Holding subsidiary Aman were the <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/dda7d640-0590-4109-a31c-ebe7ef08e7a5\">first<\/a><\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/dda7d640-0590-4109-a31c-ebe7ef08e7a5\">companies<\/a><\/strong><strong> to<\/strong><strong> be granted consumer financing licenses, <\/strong>following the passing of the <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/471c6d79-d116-449e-89be-1b80b3b3af25\">Consumer Credit Act<\/a> last year. Other consumer finance outfits that had reportedly been seeking licenses at the time include EFG Hermes\u2019 valU, Premium Card, and CI Capital\u2019s Souhoola. Some twenty five companies are currently licensed to provide consumer financing services in Egypt FRA Deputy Chairman Islam Azzam <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/0e4e712e-9c32-4582-9949-555df5e3ab4c\">said last week<\/a>.<\/p>\n<p><strong>Consumer finance players are also in line for a VAT exemption<\/strong>, under an agreement with the FRA which aims to provide consumer finance players the same VAT treatment afforded to other NBFS providers.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>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 nod from the FRA to [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"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":[10174],"tags":[514,633,76,241,595],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-566735","post","type-post","status-publish","format-standard","hentry","category-speed-round-consumer-finance","tag-consumer-finance","tag-enterprisepm","tag-financial-regulatory-authority","tag-gb-auto","tag-non-banking-financial-services","wpautop","entry"],"acf":{"mongo_id":"97d31c8e-3211-463f-8c60-ddbd23ab1be6","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[566727],"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>GB Auto gets FRA nod to expand consumer finance activities - 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\/07\/11\/gb-auto-gets-fra-nod-to-expand-consumer-finance-activities\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"GB Auto gets FRA nod to expand consumer finance activities\" \/>\n<meta property=\"og:description\" content=\"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 nod from the FRA to [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2021\/07\/11\/gb-auto-gets-fra-nod-to-expand-consumer-finance-activities\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2021-07-11T14:05:39+00:00\" \/>\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\/07\/11\/gb-auto-gets-fra-nod-to-expand-consumer-finance-activities\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/07\/11\/gb-auto-gets-fra-nod-to-expand-consumer-finance-activities\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"GB Auto gets FRA nod to expand consumer finance activities\",\"datePublished\":\"2021-07-11T14:05:39+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/07\/11\/gb-auto-gets-fra-nod-to-expand-consumer-finance-activities\/\"},\"wordCount\":219,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"keywords\":[\"consumer finance\",\"EnterprisePM\",\"Financial Regulatory Authority\",\"GB Auto\",\"non-banking financial services\"],\"articleSection\":[\"SPEED ROUND: CONSUMER FINANCE\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/07\/11\/gb-auto-gets-fra-nod-to-expand-consumer-finance-activities\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2021\/07\/11\/gb-auto-gets-fra-nod-to-expand-consumer-finance-activities\/\",\"name\":\"GB Auto gets FRA nod to expand consumer finance activities - 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The license will allow Drive to offer consumer finance services beyond the core car finance business for which it is known. GB\u2026","rel":"","context":"In &quot;Banking + Finance&quot;","block_context":{"text":"Banking + Finance","link":"https:\/\/enterpriseam.com\/egypt\/category\/banking-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":561648,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/04\/15\/torrid-growth-continues-in-factoring-microfinance\/","url_meta":{"origin":566735,"position":1},"title":"Torrid growth continues in factoring, microfinance","author":"enterpriseam admin","date":"15 April 2021","format":false,"excerpt":"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\u2026","rel":"","context":"In &quot;NBFS&quot;","block_context":{"text":"NBFS","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/nbfs\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/4\/159.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":575242,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/10\/07\/premium-card-sarwa-capital-to-launch-consumer-finance-company-in-october\/","url_meta":{"origin":566735,"position":2},"title":"Premium Card, Sarwa Capital to launch consumer finance company in October","author":"enterpriseam admin","date":"7 October 2020","format":false,"excerpt":"Premium Card and Sarwa Capital are launching a consumer finance joint venture this month, once Premium Card gets the greenlight for its consumer finance license application from the Financial Regulatory Authority (FRA), CEO Paul Antaki tells Al Mal. Premium and Sarwa will each hold 50% of the JV. The JV,\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":572753,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/07\/07\/egyptian-consumer-finance-firm-sarwa-looks-to-set-up-transferable-value-fund\/","url_meta":{"origin":566735,"position":3},"title":"Egyptian consumer finance firm Sarwa looks to set up transferable value fund","author":"enterpriseam admin","date":"7 July 2020","format":false,"excerpt":"Sarwa Capital filed with the Financial Regulatory Authority (FRA) to set up a \u201ctransferable value\u201d fund, a new type of fund through which it can transfer receivables, the local press reports. The market regulator had issued a decision last month allowing the creation of these funds, which are dedicated to\u2026","rel":"","context":"In &quot;Banking + Finance&quot;","block_context":{"text":"Banking + Finance","link":"https:\/\/enterpriseam.com\/egypt\/category\/banking-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":566735,"position":4},"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. 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The local press is reporting that the committee introduced a new\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":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/566735","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=566735"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/566735\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/afternoon\/566727"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=566735"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=566735"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=566735"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=566735"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=566735"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}