Souhoola for consumer finance, a wholly owned subsidiary of CI Capital, targets a financing portfolio in the first year of operation worth EGP 500m, said Managing Director and CEO of Souhoola Hazim Madany.
He added that the company’s financing portfolio, launched in January, is partially self-funded along with bank loans. The company has already agreed with five Egyptian banks to finance the company’s portfolio.
Madany said in a press conference on Sunday that Souhoola’s paid-up capital is EGP 60m, while the issued capital amounts to about EGP 100m, and there is a plan to increase the paid-up capital in case of business expansion in the future.
In a related context, Madany said the size of the consumer finance market in Egypt is about EGP 15bn annually, while the informal market is much bigger.
He pointed out that research and studies related to this field confirm that the rate of growth in the consumer finance market is about 20% annually, stressing that this percentage will increase in the next five years based on several factors.