Latest news with #SaidZater
Zawya
17-03-2025
- Automotive
- Zawya
Forbes Middle East places Contact Financial Holding on Top 50 Fintech Companies for the second year in a row
Cairo: Contact Financial Holding, Egypt's leading non-banking financial services provider, has been recognized by Forbes Middle East as one of the Top 50 Fintech Companies in the Middle East for 2025, marking the second consecutive year the company has received this prestigious honor . This achievement underscores Contact's leadership in the fintech sector by providing innovative financial solutions that drive financial inclusion and support digital transformation across Egypt and the region. Contact continues to solidify its position in fintech sector through an integrated approach to enhancing its digital solutions, ensuring a seamless and secure experience for individuals and businesses alike. Through its flagship application, ContactNow, App leverages AI to offer instant approvals and precise credit assessments. This advanced technology contributed to a 38% y-o-y increase in the total value of transactions made through the App in FY24, reflecting growing customer demand for Contact's digital financial services. Reinforcing its dedication to innovation, Contact has introduced Maestro program, a groundbreaking feature within ContactNow app that redefines installment payments. This program gives users full control over their payment plans through an interactive digital dashboard, enabling them to customize repayment durations, adjust administrative fees, and even lower interest rates to 0% by fine-tuning the administrative fee structures. In addition to Egypt's first specialized digital automotive platform, which sustained its impressive growth with monthly active users reaching 1.2 million in 2024, the platform also introduced Otlobha, a service designed to enable customers to purchase their desired cars at the best price and in the shortest time possible, solidifying its position as Egypt's go-to platform for car buyers. Building on its efforts to advance digital financial solutions, Contact established its electronic payments arm, operating under its umbrella "Contact Pay". As a leading provider of digital payment solutions, Contact Pay underscores the company's strategic vision to enhance customer experience through key partnerships, reaffirming its continuous pursuit of cutting-edge digital financial solutions. With this vision, Contact remains at the forefront of fintech innovation, advancing AI-powered digital tools that enhance efficiency and streamline financial solutions to better serve an expanding customer base and address evolving market demands. Commenting on Forbes' ranking, Said Zater, CEO of Contact Financial Holding, expressed pride in the company's continued success, stating: 'Securing our place among the region's top 50 fintech companies for the second consecutive year is a testament to the strength of our digital innovation strategy. He added: 'At Contact, digital transformation is more than just a milestone, it lies at the heart of our vision for the future of financial services. We remain committed to developing cutting-edge digital financial solutions that drive financial inclusion, accelerate digitalization, and deliver a seamless, efficient experience that not only meets but exceeds customer expectations, reinforcing their trust in our ability to provide innovative financial solutions tailored to their evolving needs.' It is noteworthy that this recognition by Forbes Middle East is not the first for Contact. For three consecutive years, Contact has been ranked among the Top 50 listed companies on the Egyptian Stock Exchange. Additionally, Contact was honored as a sustainability leader in the Middle East, and Mr. Said Zater, was recognized as one of the top CEOs in the Middle East for two years in a row .
Daily News Egypt
13-02-2025
- Business
- Daily News Egypt
Said Zater's Vision Reshapes Egypt's Consumer Finance Landscape
In a country where rising costs and economic challenges make access to credit increasingly vital, Egypt's s consumer finance sector has undergone a major transformation. At the center of this shift is Said Zater, CEO of Contact Financial Holding and Chairman of the Egyptian Federation of Consumer Finance, whose leadership is redefining how Egyptians access and manage financial support. Consumer finance -once a fragmented, loosely regulated sector- has become a key pillar of Egypt's s financial system. In just three years, the market expanded from EGP 17 billion in 2021 to EGP 55 billion by late 2024, a 224% increase. The number of people using these services nearly tripled to 3.76 million, a sign that more Egyptians are turning to installment plans and credit services to fund their purchases. This rapid growth is not just about bigger numbers; it is about structure and oversight. When the Egyptian Federation of Consumer Finance was established in May 2021, it set out to create order in an industry that had been operating with minimal coordination. Zater played a crucial role in shaping this vision, advocating for clearer regulations, consumer protection measures, and financial literacy programs. One of his major initiatives has been improving industry standards through training and workshops. In collaboration with the Financial Regulatory Authority (FRA), the Federation has hosted 14 training programs for financial institutions, covering topics such as fraud prevention, risk management, and corporate governance. These efforts are designed to ensure that companies operate transparently and that consumers are better protected from financial mismanagement. Beyond boardrooms and policy meetings, Zater has also pushed for a broader conversation about financial literacy. He has encouraged participation in youth-focused initiatives, helping young Egyptians understand the importance of responsible borrowing, credit scores, and structured repayment plans knowledge that could prevent future financial distress. The sector's modernization has also been shaped by technology. Zater has been a firm believer that the future of finance is digital. Under his leadership, Contact Financial Holding has embraced FinTech solutions, streamlining loan approvals and making financial services more accessible. The impact is evident: the company's consumer finance contracts skyrocketed by 338% in just four years. Looking ahead, the challenge is maintaining sustainable growth. While consumer finance has provided millions with access to credit, balancing expansion with responsible lending remains critical. Zater's next task will be to ensure that Egypt's s consumer finance sector doesn't just grow- 'it matures into a stable, well-regulated industry that truly benefits consumers and strengthens the economy.
Zawya
05-02-2025
- Business
- Zawya
Egypt: Contact Creditech launches Maestro
Egypt - Contact Creditech, a subsidiary of Contact Financial Holding, has launched Maestro,a new digital financing solution that allows customers to fully customize their installment plans, including selecting their own interest rates. The feature, available through the Contact Now application, marks a first for Egypt and the Middle East, offering users unprecedented flexibility and control over their financial commitments. The Maestro program enables users to adjust their repayment periods from 6 to 60 months, modify administrative fees, and even lower interest rates to 0% by restructuring the fee setup. Changes are reflected instantly on the app's digital dashboard, providing full transparency. According to Omar El Fiky, Managing Director of Contact Creditech, Maestro is a transformative step for the region's financial landscape. Customers can now take control of their financing plans like never before, with the ability to adjust interest rates, administrative fees, and repayment tenures in real time. This innovation reflects our commitment to making financial solutions more accessible, transparent, and tailored to individual needs, he said. Said Zater, CEO of Contact Financial Holding, emphasized the significance of Maestro in advancing digital financial services. The launch of Maestro is a major milestone in our journey toward digital transformation. We believe customers should have full control over their financial choices, and this program allows them to do exactly that. It's not just about offering an installment plan—it's about giving people the power to manage their finances in a way that best suits them, he stated. Once a plan is finalized, the transaction is instantly updated in the merchant's system, streamlining the process for both customers and retailers. By integrating a high level of personalization, Contact Now is reshaping how consumers interact with financial services. The launch of Maestro represents a broader shift in Egypt's fintech sector, focusing on digital innovation and customer empowerment. With this new solution, Contact Creditech aims to set a new standard for installment payments, making financial planning more flexible and transparent for all users. © 2024 Daily News Egypt. Provided by SyndiGate Media Inc. (
