Said Zater, Chairperson of the Egyptian Federation of Consumer Finance, announced that Egypt's consumer finance sector experienced significant growth, reaching EGP 47.45bn in the first ten months of 2024—a 25.1% increase compared to the same period in 2023. The number of beneficiaries also rose to 3.27 million clients, reflecting a 16.3% growth and underscoring the rising demand for consumer financing. Zater emphasized the vital role of consumer finance companies in meeting consumer needs, particularly amid economic challenges. By providing flexible credit solutions and diverse financing options, these companies have enhanced individuals' purchasing power, stimulated local markets, and driven production growth. He reaffirmed the federation's commitment to regulating the consumer finance market, supporting policy development, and addressing industry challenges under the supervision of the Financial Regulatory Authority (FRA). To strengthen the sector, the federation is organizing workshops and training programs to enhance industry expertise and foster innovative financing solutions tailored to market demands. Zater also highlighted the federation's collaboration with the FRA to accelerate the digital transformation of consumer finance companies. Recognizing digitalization as a key priority, efforts are underway to modernize financial services, enhance operational efficiency, and improve access to credit. Strengthening Egypt's regulatory framework remains a top focus to ensure market stability and boost investor confidence. He further noted that non-banking financial institutions (NBFIs), particularly consumer finance firms, play a crucial role in Egypt's economic acceleration. By offering accessible and flexible financial solutions, these companies promote financial inclusion, serving a wide segment of society and stimulating economic activity. Consumer finance companies also contribute to the United Nations' Sustainable Development Goals (SDGs) by supporting small and medium enterprises (SMEs) and driving financial innovation. Their adoption of financial technology (FinTech) and digital services enhances accessibility to credit, reducing economic disparities and fostering economic empowerment. Zaater reaffirmed that consumer finance companies will remain a cornerstone of Egypt's sustainable economic growth, providing innovative financial solutions that empower both individuals and businesses. He also stressed the federation's role in shaping regulatory frameworks that protect consumer rights and ensure market stability. The ongoing collaboration between the federation and the FRA will continue to drive sector development and long-term sustainability.
