CAIRO - 20 March 2023: The Financial Regulatory Authority (FRA) approved Monday the establishment of Malath Consumer Finance Company in accordance with the provisions of Law No. 18 of 2020.
This came after reviewing the law of joint stock companies, partnerships limited by shares, limited liability companies, and one-person companies promulgated by Law No. 159 of 1981 and its executive regulations, according to the FRA.
It revealed that the total value of financing granted by consumer finance companies amounted to about LE 8.709 billion during the fourth quarter of 2022, compared to LE 5.587 billion during the same quarter of 2021, marking an increase of 55.9 percent.
The number of customers increased by 86.6 percent, to 765.3 thousand customers by the end of the last quarter of 2022, compared to 410 thousand customers by the end of the last quarter of 2021.
Funds directed to the purchase of electrical appliances and electronics from companies accounted for 38.22 percent, at a value of LE 3.328 billion, and funds directed to the purchase of cars and vehicles accounted for 26.13 percent, at a value of LE 2.275 billion.
As for the funds directed to the purchase of furniture and home equipment, they amounted to 7.36 percent, at a value of LE 641.1 million, and the funds directed to the purchase of clothes, shoes, watches, jewelry and eyeglasses amounted to about LE 485.5 million during the fourth quarter of 2022.