Cairo: Contact, a subsidiary of Contact Financial Holding companies, announced the launch of a new initiative to support ridesharing drivers providing financing for automotive purchases. Many economic sectors experienced a year of disruption, due to the COVID-19 pandemic which shifted consumer behavior, attitudes towards work in addition to social norms. Consequently, the country has seen a rise in the usage of ridesharing services, which has led Contact to introduce its service to assist drivers and consumers to be resilient in the face of the new norm.
Mr. Said Zater, CEO of Contact Financial Holding, said: “Ridesharing has revolutionized the transport industry while changing the meaning of ownership. The economic downturn recently witnessed by many in the face of COVID-19 played a role in exponentially growing the gig economy. Contact’s new initiative will help thousands of unemployed people with cars to fill their financial gap. With this initiative, we are able to support semi-retired and unemployed individuals looking to increase their disposable income through providing the opportunity to engage in an industry with growing demand. There is no shortage of skilled employees or customers with a smartphone willing to order a ride, and so financing ridesharing sedan car drivers is a must”.
“The initiative provides finance to drivers looking to own sedan cars to be used for ridesharing. With this initiative, drivers who wish to take part will receive a competitive interest in addition to payment terms that extend up to five years. Consequently, through Contact’s well-known services that has been in the market for over 20 years, ridesharing drivers have a quick turnaround time. Drives can be also provided with insurance and licensing services, through a unified platform.”, states Mr. Zater.
Contact Credit is authorized and regulated by the Financial Regulatory Authority (FRA). Established in 2001, Contact is the first specialized consumer financing company in Egypt. Set up as an independent, management, and employee-led initiative. The company has 24 branches and a customer base of 103,000 providing financing solutions within the Automotive (passenger and commercial vehicles), Leasing, Factoring, Insurance Brokerage, consumer goods financing, Mortgage and Finishing industry. Contact has a growing network that includes over 2,500 points of sale covering car dealers, shopping merchants, and sports clubs.
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