Contact, a leading provider of non-banking financial services in Egypt, has signed a memorandum of understanding with Al Safy Group to establish a strategic partnership aimed at enhancing the financing experience through innovative, technology-driven financial solutions.
The partnership introduces, for the first time in the Egyptian market, a financing model that combines Contact’s expertise in integrated financial and insurance solutions with Al Safy Group’s diversified presence across several key sectors.
Under the long-term collaboration, the two groups plan to develop a comprehensive financing platform, initially focused on consumer finance and later expanding to insurance and a broad range of integrated financial services.
The platform will be built on the concept of embedded finance and supported by artificial intelligence technologies to streamline financing procedures, accelerate approval processes, and offer customers a more flexible and seamless experience.
Founded in 2001, Contact operates in Egypt’s non-banking financial services sector, offering consumer and auto finance, insurance, mortgage finance, leasing and factoring through its subsidiaries and affiliated companies. The group’s integrated structure enhances operational coordination and supports efforts to expand access to financial services in line with Egypt’s digital transformation agenda.
Al Safy Group is an Egyptian business conglomerate with activities spanning technology, digital services, distribution, trade, food, real estate development, transportation and the automotive sector. Its portfolio includes several companies and brands active in the local market, such as electronics distributors Mobilaty and Switch Plus, the Spinneys retail chain, the Xiaomi brand, the Tafweela payment and fleet management platform, and SN Automotive, which manufactures and distributes the Chinese automotive brands Dongfeng, Voyah and MHERO in Egypt.
Commenting on the partnership, John Saad, CEO of Contact Financial Group, said the agreement goes beyond a traditional partnership, reflecting Contact’s vision of building an integrated financial ecosystem powered by advanced technologies that seamlessly integrate into customers’ daily lives.
Reem Al Safy, CEO of Al Safy Group, said that integrating Contact’s financial services within the group’s diversified ecosystem would create a more flexible and inclusive financing model, support Al Safy Group’s expansion plans, and contribute to the development of Egypt’s digital and economic landscape.
The partnership represents a first step towards building a comprehensive, customer-centric financial ecosystem designed to simplify access to financing and support consumers’ needs across various aspects of daily life.
