Contact Credit Tech, the digital consumer finance arm of Contact Financial Group, has entered into a strategic partnership agreement with KashNow for financial technology solutions, a subsidiary of Noqood Holding, to offer consumer financing services through its KashNow app. The agreement enables KashNow users to easily create a new account on the ContactNow app get instant approval, and then activate the account at any Contact branch. Moreover, customers who already have an account on the ContactNow app can link their accounts and apply for KashNow. According to the statement, the partnership allows KashNow customers to pay their bills in instalments through the Contact app according to flexible instalment plans ranging from six to sixty months. Additionally, customers can buy consumer goods and products in instalments from the most popular commercial outlets via the KashNow service. The partnership aims to promote financial inclusion, provide financing services to a wide range of customers, and offer an innovative set of financial solutions to meet the growing demand for these services and products in the market. Omar Al-Feki, Managing Director of Contact Credit Tech, said that the partnership is important for enhancing financial inclusion and expanding the scope of providing financial services to a larger number of customers. He also emphasized that this partnership offers a variety of innovative financial solutions to meet the diverse needs of the market and the increasing demand for this type of financial services and products. Amr Salem, CEO of KashNow, said that cooperating with Contact as a strategic partner supports KashNow's plan to focus on expanding by forming new partnerships in various fields using the latest technological services and providing consumer finance services as part of a package of unique services that are exclusive to KashNow in the Egyptian market. Commenting on the signing of the agreement, Saeed Zaatar, CEO of Contact Financial Holding, said: "This partnership represents a decisive strategic opportunity for us to develop the consumer finance sector in Egypt and significantly improve our customers' experience. By providing financing services through the KashNow app, we seek to achieve financial inclusion and meet the needs and aspirations of a large segment of society. The move reflects our commitment to digital transformation and innovation in the financial sector and comes in response to the rapid changes in the financial and technological world. We are confident that this partnership will enhance Egypt's position as an advanced regional financial center and contribute to enhancing the country's economic sustainability. We are committed to providing innovative and flexible financing services that meet market aspirations and contribute to supporting economic growth and entrepreneurship in Egypt." Abdel Rahman Ali, CEO of Noqood Holding, said: "We are committed to providing the utmost financial comfort to customers, so we work continuously within the company to follow the market and its developments to provide smooth and unique financial solutions." Ali also indicated that cooperating with Contact will provide consumer products to KashNow customers through various financing programs that serve a large segment of the Egyptian people and meet their aspirations, especially since the consumer finance sector can adapt to current economic conditions and has continuous growth rates.
