Contact Creditech obtains FRA license to expand digital consumer finance in Egypt
Updated 6/30/2025 2:10:00 PM
Arab Finance: Contact Financial Holding announced that its digital consumer finance arm, Contact Creditech, has obtained a fintech license from the Financial Regulatory Authority (FRA), as per an emailed press release.
Accordingly, the company will provide fully digital consumer finance services through its application, Contact Now.
The license allows Contact Creditech to offer a digital financing process that covers the full customer journey, from application to contract signing.
The process includes electronic identification and verification (e-IDV), digital onboarding (e-KYC), electronic contract execution, and digital record management (DRM), supported by VLens, an FRA-registered outsourcing provider.
This step aligns with Contact’s strategy to advance its digital operations and support financial inclusion.
The group is using a data-based approach to improve integration within the financial sector, aiming to enhance service access and support personal financial management.
“At Contact, we are driven by a solid foundation and a clear, ambitious vision aimed at promoting financial inclusion by democratizing access to sophisticated financial services across Egypt. Our goal is to bring our financing and insurance solutions into every Egyptian household," John Saad, CEO and Managing Director of Contact Financial, said.
"Backed by more than 24 years of deep market understanding, we have cemented our leadership position as Egypt’s leading non-banking financial services provider. We remain committed to transforming complex financial needs by leveraging cutting-edge technology to deliver simple, personalized solutions that empower individuals to achieve their economic aspirations seamlessly.” he added.
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