Said Zater’s Leadership Revolutionizes Egypt’s Consumer Finance Sector

Said Zater is transforming Egypt’s consumer finance sector, increasing market size significantly and tripling user numbers through regulatory reforms and financial literacy initiatives. His efforts are focused on creating a well-structured industry supported by technology, while also ensuring responsible lending practices are maintained for sustainable growth.

In Egypt, where economic challenges heighten the necessity for accessible credit, the consumer finance sector is undergoing significant change spearheaded by Said Zater. As the CEO of Contact Financial Holding and Chairman of the Egyptian Federation of Consumer Finance, his leadership is actively reshaping how Egyptians access crucial financial support.

Previously fragmented and loosely governed, consumer finance in Egypt has evolved into an essential component of the financial landscape. Within a mere three years, the market size surged from EGP 17 billion in 2021 to EGP 55 billion by late 2024, marking an impressive 224% growth. As a result, the number of users of such services has nearly tripled, reflecting a burgeoning reliance on installment plans and credit services.

Zater has been instrumental in this transformation, especially following the establishment of the Egyptian Federation of Consumer Finance in May 2021, which aimed to systematize the previously disorganized industry. Advocating for enhanced regulations, consumer safeguards, and financial literacy, he has played a pivotal role in fostering a more structured financial environment.

One of his central initiatives includes elevating industry standards through comprehensive training and workshops. In partnership with the Financial Regulatory Authority, the Federation has successfully facilitated 14 training programs focusing on critical subjects such as fraud prevention and corporate governance, ensuring transparency and consumer protection from financial mismanagement.

Zater is committed to advancing financial literacy among the youth, facilitating their understanding of responsible borrowing and credit management. His initiatives are geared towards equipping young Egyptians with essential knowledge that could mitigate potential future financial issues.

Technology’s role in this industry modernization is undeniable, as Zater strongly supports digital finance. Under his guidance, Contact Financial Holding has adopted FinTech solutions that have significantly streamlined the loan approval process, leading to a remarkable 338% increase in consumer finance contracts over four years.

Looking forward, Zater faces the challenge of sustaining growth while ensuring responsible lending practices. The objective is not merely to expand the sector but to cultivate it into a stable, well-regulated industry that genuinely benefits individual consumers and bolsters the Egyptian economy.

In conclusion, Said Zater’s innovative leadership is pivotal in transforming Egypt’s consumer finance landscape. Through regulatory advancements, enhanced financial education, and technological integration, he is working to create a transparent and consumer-centric industry. The challenge ahead lies in balancing growth with responsible lending to ensure the ongoing maturity and stability of the sector, ultimately serving the needs of the Egyptian populace and economy.

Original Source: www.dailynewsegypt.com