Egypt: Driving financial independence

Said zater, group CEO of Contact Financial Holding, shares the Egypt-based group’s efforts to serve and bolster the country’s growing non-bank credit market.

What are the trends boosting the region’s consumer nonbank credit market today?

The consumer non-bank credit market in the Middle East, particularly Egypt, is a rapidly changing landscape. While there are several trends at play, I would like to highlight the top three.

First, the region has seen an increased demand for accessible and personalised financial solutions. This demand is being fuelled by an up-and-coming youth demographic combined with urbanisation. Egypt is the most populous country in the Arab world. Its demographic trends, characterised by a rising youth population, are the drivers of demand for accessible credit solutions. Additionally, technological advancements have ushered in a new era. Digital platforms have overhauled the way financial services are delivered.