Sarwa Capital Group has become the first financing company to receive accreditation by the Traffic Authority after it succeeded in obtaining the first consumer finance licence in Egypt, CEO Saeed Zaatar said.
The group has obtained the first licence to practice consumer finance activities, after undergoing supervision by the Financial Regulatory Authority (FRA).
In addition Zaatar revealed that the volume of financing provided by its subsidiary, Contact, has reached more than 20 Egyptian billion pounds since its inception.
He said that Contact provides finance for used cars as part of its portfolio, although used car market has recently witnessed a slowdown compared to that for new cars.
According to Zaatar, reducing the interest rate motivates consumerism and increases the demand for purchasing cars. This will be supported by the stability of car prices in the coming period, which will occur in conjunction with the reopening of new car licensing services by the government as part of the country’s post-coronavirus (COVID-19) reopening.
The company aims to strengthen its presence in governorates outside Cairo and Alexandria, by expanding its network of Contact branches in both Upper Egypt and Delta. There are currently 23 such branches, with new facilities recently opened in Minya, Sohag and Assiut, Damanhur, Damietta, Zagazig and Alexandria.