Contact Factoring, a subsidiary of Contact Financial Holding, aims to increase the size of its factoring contracts portfolio to about EGP 1bn in 2022.
Hany Omar — the Managing Director of Contact Factoring — revealed that his company aims to add about EGP 300m worth of contracts to its portfolio during the first quarter (1Q) of 2022, pointing out that the size of the current portfolio amounted to EGP 250m.
Omar told Daily News Egypt on the sidelines of a press conference that the company is more focused on corporate contracts, pointing out that it is establishing many partnerships that will provide many financing solutions to customers.
He added that the company is targeting contracts in the sectors that the state finds interesting and relevant, including the agricultural, technology, and service sectors, in addition to small and medium enterprises.
Contact Financial Holding — through Contact Factoring — signed a financing programme with Capiter, which specialises in supporting merchants and suppliers of SMEs in a unique deal that allows Capiter to provide an outstanding experience to its customers and allows for more growth.
With the help of Capiter, Contact will expand across Egypt to support start-ups and enable Capiter to finance its business and the business of its SME clients in various fields by creating an integrated chain of services through the Capiter platform.
The financing programme is starting with EGP 100m as a first phase and will grow as Capiter’s business grows.
Said Zaatar — the Managing Director and CEO of Contact Financial Holding — said that the deal reflects the company’s vision in the Egyptian market. Additionally, supporting SMEs is a key direction in developing the economy and market mechanisms. He stressed that the company is working with all parties and companies to support various businesses.
Zaatar pointed out that the financing programme that Contact will provide to Capiter is the result of a common vision to support companies in all governorates in addition to providing diversity in the field of financing through fintech and digital transformation.
This can contribute to developing the Egyptian market in general in addition to increasing the volume of sales and supply operations that reflect the stable economic situation in Egypt.
He stressed that the step to expand SME financing is important to support start-ups, which are an important component of the Egyptian economy. He added that companies have become the basis for many new fields in Egypt, which will benefit everyone, both at the state and economy levels, and even consumers.
Mahmoud Noah — the CEO of Capiter — said that the financing will support the supply operations of more than 70,000 merchants and over a thousand suppliers to cover all parts of the Republic. He explained that Capiter works with merchants and owners of SMEs through a unified platform to help them obtain goods and orders for those enterprises by employing advanced technology that helps them figure out the trends of the markets where they operate as well as help them build their own distribution strategy to increase the efficiency of distribution operations.
He added that the platform is essential for SMEs in all fields from the purchase process to payment methods.
Furthermore, Contact Group Holding has made a package of strategic deals and investments in the technology and fintech sectors with the aim of expanding its scope and reaching various sectors with a range of integrated financial solutions that it offers.
Contact continues to implement the strategy to support SMEs in all areas, complementing the group’s services and products.