Aman Financial Services Company, a Raya Holding Financial Investments company, has obtained a licence to practice consumer finance activity, in accordance with the new Resolution No. 494 of 2020.
Hazem Moghazy, CEO of Aman Financial Services, said that through the licence, the company can continue providing a package of services to clients, including instalment and payment services for cash services.
Moghazy added that the company is looking to increase its investment portfolio, which currently stands at EGP 500m, by EGP 200m. The company is looking to increase the investment portfolio to a total of EGP 700m by the end of 2020.
Moghazy added that Aman Financial Services has an ambitious strategy to expand the services provided, most notably including online payment, sale and purchase services through the company’s subsidiaries. The company also has over 250 branches and outlets in 23 governorates across Egypt.
The first article of the law regulating consumer finance activity had defined the providers of consumer finance as the producers of goods or their distributors who engage in the activity of consumer finance.
The law requires that providers of consumer finance services obtain a licence from the authority and register their details in a special record when their annual funding exceeds the limit determined by the Financial Regulatory Authority’s Board of Directors, provided that it is not less than EGP 25m.