The CI Capital Holding Company for Financial Investments said that its consumer financing activity arm, Souhoola, has obtained the licence to practice consumer finance in the Egyptian market.
The company was informed of the decision via letter from the Financial Regulatory Authority (FRA). Souhoola is subject to Law No 18 of 2020.
In a statement, CI Capital said that this licence allows Souhoola to provide its products to finance the acquisition of a range of goods and services. These include durable goods, vehicles, passenger cars of all kinds, health care services, educational services, and travel and tourism services.
Hazem Madany, CEO of Souhoola, said that the licence to engage in consumer finance strengthens the company’s position, supports its growth and expands its product portfolio.
“The company currently provides its services in 11 different governorates through 316 merchants to more than 30,000 customers through a team of 593 people fully familiar with the company’s services,” Madany said.
He added that Souhoola’s paid-up capital is estimated at EGP 60m and issued capital at about EGP 100m.
The company plans to increase the paid-up capital if needed as the company’s business expands in the future.