In a country where rising costs and economic challenges make access to credit increasingly vital, Egypt's s consumer finance sector has undergone a major transformation. At the center of this shift is Said Zater, CEO of Contact Financial Holding and Chairman of the Egyptian Federation of Consumer Finance, whose leadership is redefining how Egyptians access and manage financial support. Consumer finance -once a fragmented, loosely regulated sector- has become a key pillar of Egypt's s financial system. In just three years, the market expanded from EGP 17 billion in 2021 to EGP 55 billion by late 2024, a 224% increase. The number of people using these services nearly tripled to 3.76 million, a sign that more Egyptians are turning to installment plans and credit services to fund their purchases. This rapid growth is not just about bigger numbers; it is about structure and oversight. When the Egyptian Federation of Consumer Finance was established in May 2021, it set out to create order in an industry that had been operating with minimal coordination. Zater played a crucial role in shaping this vision, advocating for clearer regulations, consumer protection measures, and financial literacy programs. One of his major initiatives has been improving industry standards through training and workshops. In collaboration with the Financial Regulatory Authority (FRA), the Federation has hosted 14 training programs for financial institutions, covering topics such as fraud prevention, risk management, and corporate governance. These efforts are designed to ensure that companies operate transparently and that consumers are better protected from financial mismanagement. Beyond boardrooms and policy meetings, Zater has also pushed for a broader conversation about financial literacy. He has encouraged participation in youth-focused initiatives, helping young Egyptians understand the importance of responsible borrowing, credit scores, and structured repayment plans knowledge that could prevent future financial distress. The sector's modernization has also been shaped by technology. Zater has been a firm believer that the future of finance is digital. Under his leadership, Contact Financial Holding has embraced FinTech solutions, streamlining loan approvals and making financial services more accessible. The impact is evident: the company's consumer finance contracts skyrocketed by 338% in just four years. Looking ahead, the challenge is maintaining sustainable growth. While consumer finance has provided millions with access to credit, balancing expansion with responsible lending remains critical. Zater's next task will be to ensure that Egypt's s consumer finance sector doesn't just grow- "it matures into a stable, well-regulated industry that truly benefits consumers and strengthens the economy.
