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Contact Financial seeks to increase finance portfolio by 70% in 2023: Egypt

Contact Financial Holding (CNFN) is planning to increase the value of finance it offers by over 70% in 2023 with expansion in the GCC and African markets, Asharq Business reported on January 11th, citing the company’s CEO Said Zater.

The value of the finance offered by the company in 2022 surged 62% to EGP 11.3 billion, compared to 2021 figures, Zater added.

He noted that the company’s expansion outside Egypt would reach the GCC soon, targeting Egyptians living in that region.

As for Africa, the top executive reveals that the company would expand in the continent by partnering with Mansour Group in Kenya.

Contact is set to sign a partnership agreement with a European car agent in Egypt to provide customers with auto finance services, Zater states.

It is worth noting that Contact’s consolidated profit excluding minority interest rose to EGP 336.177 million in the nine months to September 30th from EGP 330.337 million in the same period a year earlier.

Contact Financial Holding is a leading non-bank financial solutions and services provider that manages a group of companies that provides a full range of financing and insurance products and services.

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