Egypt’s factoring activity grows 9.4% in H1

By mohamed Hamdy On Sep 4, 2019

Mohamed Omran, chairman of the Egyptian Financial Supervisory Authority (EFSA) speaks at the Egyptian Third Annual Leasing Conference in Cairo on October 16, 2018.

Egypt’s factoring activity has posted 5 billion Egyptian pounds ($303 million) in the first half of 2019 compared to 4.5 billion pounds a year earlier, growing 9.4 percent.

Egypt’s Financial Supervisory Authority (EFSA) revealed in a recent report that the total factored securities registered 838.6 million pounds in June 2019 versus 582.6 million in the comparable period.

QNB ALAHLI Factoring Company, part of QNB AlAhli Bank, ranked first registering a market share of 40.6 percent of the total factoring activity at H1, while Egypt Factors has come in the second position, with around 30.6 percent market share.

Drive Finance, the financing arm of Ghabbour Auto Company, came third with a market share of 20.2 percent during the first half of the current year.

EFG Hermes Factoring, a wholly-owned unit of EFG Hermes Holding Group, obtained the fourth position with a market share of 5.9 percent.