Al Safy Group and Contact have agreed to collaborate on developing a new financing mechanism for the Egyptian market.
The long-term partnership will concentrate on integrating financial services into commercial and consumer-facing platforms managed by Al Safy Group. The collaboration aims to create a digital financing platform primarily targeting consumer finance needs, with plans to expand into insurance and non-banking financial services in the future. This proposed platform is expected to leverage Embedded Finance principles, providing financing options directly within purchasing environments rather than via separate channels.
Scope of Collaboration and Partners’ Operations
The planned partnership will combine Contact’s consumer and vehicle finance activities with Al Safy Group’s diverse operations. Al Safy Group operates in retail, electronics distribution, payments, transportation, real estate, and automotive manufacturing and distribution sectors, including businesses like Spinneys, Xiaomi, Mobilaty, Switch Plus, Tafweela, and SN Automotive.
The platform will utilize artificial intelligence tools to streamline parts of the credit assessment and approval process, aiming to reduce processing times and enhance access to financing. Both partners indicated that the platform is designed to be scalable across different sectors as additional services are introduced.
Contact was founded in 2001 and operates as a non-banking financial services provider in Egypt through a network of subsidiaries and affiliated companies. This structure enables it to offer various financial products under one operational framework, aligning with efforts to expand access to formal financial services as part of Egypt’s digital transformation initiatives.
Contact representatives stated that the agreement seeks to transcend a typical commercial partnership by focusing on the development of an integrated financial services environment supported by technology. Al Safy Group officials view this cooperation as a means to introduce more flexible financing options across their businesses while supporting longer-term expansion plans.
