Said Zater is leading a transformative shift in Egypt’s consumer finance sector, which expanded significantly from EGP 17 billion in 2021 to EGP 55 billion by 2024. His initiatives include establishing regulations, promoting financial literacy, and embracing technology to support responsible lending practices. The sector’s growth highlights the vital role it plays in the economy, while Zater advocates for sustainable development amidst changing financial landscapes.
Said Zater, the CEO of Contact Financial Holding and Chairman of the Egyptian Federation of Consumer Finance, is spearheading a transformation in Egypt’s consumer finance sector amidst rising economic challenges. This industry, once loosely regulated, is now vital for many Egyptians seeking credit, evidenced by its market expansion from EGP 17 billion in 2021 to EGP 55 billion by late 2024—a remarkable 224% growth in just three years.
As the sector evolved, the establishment of the Egyptian Federation of Consumer Finance marked a pivotal moment in enhancing regulation and consumer protections. Zater has played a significant role in advocating for improved industry standards, emphasizing the importance of consumer education and oversight in the rapidly growing sector.
To strengthen the industry, Zater has led initiatives focusing on training and workshops for financial institutions, in collaboration with the Financial Regulatory Authority (FRA). These programs cover vital topics such as fraud prevention and corporate governance, aimed at fostering transparency and protecting consumers from financial mismanagement.
Additionally, a growing emphasis on financial literacy among the youth has been championed under Zater’s guidance. By promoting awareness of responsible borrowing, credit scores, and repayment plans, he seeks to equip young Egyptians with essential knowledge for future financial stability.
Technology has also played a crucial role in the modernization of consumer finance, with Zater advocating for digital solutions. Under his leadership, Contact Financial Holding has achieved a staggering 338% increase in consumer finance contracts over four years, illustrating the positive impact of FinTech advancements.
Despite this impressive growth, Zater acknowledges the need for sustainable development in the sector. He emphasizes the importance of balancing expansion with responsible lending practices to ensure that the consumer finance industry evolves into a well-regulated framework that benefits consumers while bolstering the national economy.
In conclusion, Said Zater’s leadership is transforming Egypt’s consumer finance sector through enhanced regulations, financial literacy initiatives, and the integration of technology. The industry has demonstrated remarkable growth, but challenges remain in maintaining responsible lending practices. Zater’s commitment to maturing the sector will be crucial in ensuring long-term stability and consumer protection.
Original Source: www.dailynewsegypt.com
