Contact Creditech, the digital consumer finance arm of Contact Financial Holding, and MNGM, Evolve Investment Group’s leading precious metals digital platform that enables customers to buy, sell, store, and order gold delivery, have announced the launch of their joint product, the ‘Contact Gold Coin’. This unique offering comes in two variants, 8 grams and 2 grams of 24-carat gold with a purity of 999.9. During the promotional period, both companies have set fixed prices at EGP 2500 per month for the 8-gram Contact Gold Coin and EGP 620 per month for the 2-gram Contact Gold Coin. This innovative initiative marks a groundbreaking introduction to the gold investment market.
This collaboration signals the beginning of a new era, with Contact and MNGM planning additional offers and exclusive products for Contact customers throughout November. Notably, customers can still enjoy a 10% discount on MNGM investments financed through Contact over 18 months and a 5% discount for financing periods less than 18 months.
This strategic partnership follows months of collaboration between MNGM and Contact, focusing on financing customers’ gold investments. The primary objective is to shift consumer perspectives from mere consumption to strategic investment, reinforcing the ethos of “Invest Now, Pay Later.” Both companies express their commitment to future endeavors, promising more exclusive products and offers tailored specifically for Contact customers. This approach aims to provide a unique service amalgamating consumer finance and investment, aligning perfectly with Contact’s vision to reshape consumer attitudes and enhance financial intelligence.
Omar El-Fiky, Managing Director of Contact Creditech, emphasized the significance of this joint product launch, stated: “Introducing the Contact Gold Coin is a strategic move towards delivering advanced financial services in the market. Our commitment lies in addressing and exceeding customer expectations, and this product exemplifies our determination to instigate real change in consumer attitudes towards investment and intelligent finance.”
Sameh Eltorgoman, Founder and CEO of Evolve Investment Group, emphasized the importance of providing financing and investment solutions, along with innovative financial products backed by gold and precious metals. This should be offered by both banking and non-banking financial institutions to create direct investment opportunities in gold. Furthermore, it should provide various solutions for leveraging gold holdings as collateral and financing consumers of all segments, especially small investors. Sameh Eltorgoman stated that the cooperation agreement between MNGM and Contact Creditech will ensure secure transaction completion within a credit network. This will enhance financing capabilities, build credit histories that open up wider investment avenues for investors, expand the gold, lending, and consumer finance markets, and introduce new financing instruments. These developments will have a direct impact on increasing liquidity and funds invested in the market, ultimately contributing to the growth of the Egyptian GNP.
Eltorgoman added: “Through MNGM, customers can purchase 999.9 gold (24-carat) securely and transparently, with a minimum of 0.1 grams, or acquire a range of gold with a minimum of 10 grams. MNGM offers customers the highest investment-grade gold sourced from globally accredited refineries and insured by the most trusted insurance providers.”
Said Zater, CEO of Contact Financial Holding, shared his perspective on this milestone, stater: “Signing the collaboration agreement with MNGM and introducing the Contact Gold Coin is another stride towards providing cutting-edge financial services in the market. Our current focus is on expansion through new partnerships in various sectors, utilizing the latest technological services, and offering Lending-as-a-Service(enabling Contact customers to apply for MNGM credit limits instantly through the MNGM platform), creating a novel concept that maximizes customer benefits and underscores the added value of collaboration for both customers and partners. Additionally, traditional services, such as integrating Contact as a payment method on the MNGM platform, are part of this collaboration. This aligns with our commitment to reaching the broadest customer base to cater to their diverse needs.”
Zater continued: “During this period, Contact is experiencing significant growth in technology-driven financing. One of the company’s primary concerns is to identify and respond to market needs, providing exceptional service to a broad customer base. Despite current circumstances, we have great confidence in our ability to leverage our strength in this field to overcome any market challenges. He expressed pride in partnering with MNGM, as this collaboration will help meet the needs of a new customer base, including those who interact with the banking system and those who do not. This reflects Contact’s extensive experience in the finance sector, which began in Egypt over 20 years ago.”