Until the end of November 2023, the total number of consumer finance clients reached 3.128 million beneficiaries, compared to 2.546 million at the end of November 2022, with a growth rate of 22.8%
Consumer finance companies provided EGP 43.32 billion to customers during the period from January to November 2023, compared to EGP 26.84 billion during the same period in 2022, a growth of 61.4%, according to the Financial Regulatory Authority (FRA).
Until the end of November 2023, the total number of consumer finance clients reached 3.128 million beneficiaries, compared to 2.546 million at the end of November 2022, with a growth rate of 22.8%.
During the first 11 months of 2023, the majority of financing was attributed to cars and vehicles, constituting approximately 36.99% of the total.
Following closely behind was the purchase of electrical appliances and electronics, accounting for around 30.95% of the financing, finishing and home furnishings represented about 5.61%, while purchases made through a single invoice accounted for 5.03%.
In November 2023 alone, the total value of consumer financing reached EGP 5.357 billion, compared to EGP 3.17 billion during November 2022, a growth of 69%.
Additionally, the total number of customers increased by 7.5% in November 2023, reaching 314.3 thousand customers, compared to 292.3 thousand in November 2022.
Consumer finance is a type of finance that allows consumers to purchase goods or services without having to pay the full amount upfront. Instead, the consumer agrees to pay for the purchase in installments over a period of not less than 6 months.
