The Egyptian Consumer Finance Sector Thrives Under Said Zater’s Leadership with an Innovative Strategy and a significant Role in Supporting the Economy

Consumer finance has emerged as an essential financial solution for individuals who want to meet their financial needs without bearing a significant financial burden all at once, despite the rising economic challenges. With the rising cost of living and the growing demand for innovative financing solutions, the consumer finance sector has played a crucial role in expanding access to various products and services. As the Egyptian market evolves, Said Zater stands out as a distinguished leaders who has significantly contributed to the sector’s growth and transformation, laying the foundation for long-term sustainability while reinforcing the sector’s role in supporting the Egyptian economy.

As the CEO of Contact Financial Holding and the first Chairman of the Egyptian Federation of Consumer Finance, which was founded in May 2021, Zater has been the driving force behind the consumer finance sector’s evolution. By eliminating obstacles facing non-banking financial service providers, he also contributed to establishing the Federation as a liaison between these companies and the FRA, aiming to develop regulatory frameworks and guidelines that enhance the sector’s stability and protect consumer rights.

Under Zater’s leadership within the Federation, the consumer finance market surged from EGP 17 bn in 2021 to approximately EGP 55 bn by November 2024, marking a growth rate of 224%. The number of beneficiaries also rose from 1.346 million clients in 2021 to 3.759 million clients in November 2024, reflecting a 179% growth. This expansion has strengthened the industry’s regulatory framework, ensuring consumer protection and fostering fair competition among non-banking financial service providers, creating a stable and supportive environment for continued growth.

Zater also had a significant impact on raising awareness among consumer finance companies. By working closely with the Federation’s board members and the FRA, he has strengthened the Federation’s role through industry discussions to address market challenges and opportunities. Furthermore, he contributed to capacity building by organizing 14 training programs and workshops covering critical topics such as risk management, fraud prevention, credit inquiry (iScore), anti-money laundering measures (AML), and corporate governance for non-banking financial institutions (NBFIs), all in cooperation with the FRA.

Believing in the impact of entrepreneurship on economic growth and community development, the Federation, led by Zater, participates in youth-related events and conferences to promote financial literacy and educate young people on how to effectively deal with installment plans and regular payments. This in turn enhances their financial management skills, strengthens their financial discipline, and ultimately helps them achieve financial independence.

Through his efforts, Zater has contributed to promoting financial inclusion by providing diverse financing solutions that boost purchasing power and stimulate local markets. He has been instrumental in driving digital transformation, believing that (FinTech) is key to the future of consumer finance.

Consequently, he reaffirmed the importance of integrating digital solutions into the financial services provided, helping streamline procedures, improve operational efficiency, and provide innovative, customer-centric financing solutions that meet clients’ evolving needs.

Zater’s strategic vision has had a substantial impact on Contact Financial Holding’s performance, where he serves as the Group CEO. Contact has experienced unprecedented growth in the consumer finance division, with the number of signed financing contracts rising from 29,149 thousand in 2020 to 127,788 thousand in 2024, marking an exceptional growth rate of 338%. This surge underscores Contact’s commitment to expanding its service offerings and meeting the growing demand in the Egyptian dynamic market.

Looking ahead, Zater remains optimistic about the future of consumer finance in Egypt. His initiatives have transformed the sector into a more structured and dynamic industry, paving the way for its sustainable growth in the coming years. Through ongoing collaboration with the FRA to refine regulatory frameworks, accelerate digital transformation, and introduce cutting-edge financial solutions, the sector is poised to become a fundamental pillar in driving economic growth and promoting financial inclusion across Egypt.