Said Zater is revolutionizing Egypt’s consumer finance sector, experiencing remarkable growth from EGP 17 billion in 2021 to EGP 55 billion by late 2024. His leadership has introduced necessary regulations, improved financial literacy, and embraced technology, ensuring responsible lending practices while expanding access to credit for millions of Egyptians.
Said Zater, the CEO of Contact Financial Holding and Chairman of the Egyptian Federation of Consumer Finance, is fundamentally transforming Egypt’s consumer finance sector. This critical shift is occurring amid rising costs and economic challenges that make credit access essential for many Egyptians. Under his leadership, the sector has expanded significantly, growing from EGP 17 billion in 2021 to EGP 55 billion by late 2024, marking a remarkable 224% increase.
The consumer finance landscape in Egypt has evolved from its previously fragmented state into a vital segment of the country’s financial system. The number of users has nearly tripled to 3.76 million, indicating a growing reliance on installment plans and credit services. Zater’s strategic efforts have established a more organized and regulated framework for this vital sector, fostering consumer confidence and expanding access to credit.
Zater played an instrumental role in forming the Egyptian Federation of Consumer Finance in May 2021, which was aimed at implementing sound regulations and protecting consumers. His advocacy emphasizes critical consumer protection measures and initiatives to promote financial literacy. This restructuring has placed a significant focus on responsible lending practices and transparency across the sector.
Under Zater’s vision, the Federation has been proactive in enhancing industry standards through various training programs in collaboration with the Financial Regulatory Authority (FRA). These educational initiatives cover essential topics, including fraud prevention and corporate governance, ensuring improved operational practices within financial institutions. This commitment to transparency serves to safeguard consumers from financial malpractice.
Zater has also emphasized the importance of financial literacy, particularly among the youth, encouraging programs designed to educate young Egyptians about responsible borrowing practices. His commitment to financial education aims to instill knowledge of credit scores and repayment strategies, equipping individuals with the tools necessary to manage their financial futures effectively.
The shift towards technology has also characterized the modernization of the consumer finance sector. Zater strongly advocates for digital solutions, which have been integrated into Contact Financial Holding’s operations, significantly enhancing the accessibility of financial services. As a result, the company’s consumer finance contracts surged by an impressive 338% over a span of four years.
However, the challenge moving forward is to ensure sustainable growth in the sector. Even though consumer finance has greatly improved access to credit, it is imperative to balance expansion with responsible lending practices. Zater’s future endeavors will concentrate on cultivating a stable, well-regulated consumer finance sector that not only benefits consumers but also contributes positively to the overall economy.
Said Zater’s leadership in Egypt’s consumer finance sector showcases a significant transformation marked by rapid growth, enhanced regulations, and a focus on financial literacy. His initiatives, targeting both consumer protection and technological innovation, underline the commitment to building a responsible lending environment. The ongoing modernization process, coupled with Zater’s vision, aims to establish a mature and stable industry that serves the best interests of consumers and strengthens the Egyptian economy.
Original Source: www.dailynewsegypt.com
