Said Zater is reshaping Egypt’s consumer finance landscape, overseeing a dramatic market growth from EGP 17 billion to EGP 55 billion in three years. Under his leadership, there are significant strides in regulation, consumer literacy, and technology adoption, ensuring a responsible and sustainable financial environment for Egyptians.
Said Zater, CEO of Contact Financial Holding and Chairman of the Egyptian Federation of Consumer Finance, is driving significant change in Egypt’s consumer finance sector, which has become increasingly essential amid rising living costs. His leadership has facilitated a transformation from a disjointed industry into a structured, vital component of the financial system.
The consumer finance market in Egypt has witnessed rapid growth, expanding from EGP 17 billion in 2021 to EGP 55 billion by late 2024, marking an impressive 224% increase. The user base has also surged, nearly tripling to 3.76 million consumers utilizing installment plans and credit services to finance their purchases.
Since the establishment of the Egyptian Federation of Consumer Finance in May 2021, Zater has been instrumental in promoting stronger industry regulations and consumer protections. His advocacy for financial literacy and clearer guidelines has been pivotal in enhancing the sector’s reliability and transparency.
Zater has initiated numerous training programs through collaborations with the Financial Regulatory Authority (FRA), covering essential topics like fraud prevention and risk management. These workshops aim to strengthen operational transparency within financial institutions and protect consumers from potential financial abuses.
Recognizing the importance of financial education, Zater has championed initiatives targeting youth, focusing on responsible borrowing, understanding credit scores, and structured repayment plans. Such knowledge is crucial for fostering a financially literate population and reducing future financial challenges.
Emphasizing technology in financial services, Zater believes in the transformative potential of digital solutions. Under his guidance, Contact Financial Holding has made significant strides in FinTech, enhancing loan approval processes and expanding service accessibility. This transition is reflected in a staggering 338% increase in consumer finance contracts over four years.
While the sector is experiencing tremendous growth, Zater acknowledges the importance of sustainable practices. He aims to balance the expansion of consumer finance with responsible lending to ensure that the industry matures into a stable and well-regulated environment that benefits consumers and supports economic strength.
Said Zater’s leadership has initiated a transformative journey in Egypt’s consumer finance sector, expanding the market significantly and prioritizing financial literacy, industry regulation, and technological advancement. The focus now is on sustainable growth that balances accessibility with responsibility, ensuring the sector’s mature development for future economic stability.
Original Source: www.dailynewsegypt.com
