GB Auto unit becomes Egypt’s largest factoring market

Drive raised its market share to almost 22% in February

  
An exterior view of Egypt's biggest car assembler GB Auto in Cairo September 10, 2013.

An exterior view of Egypt's biggest car assembler GB Auto in Cairo September 10, 2013.

REUTERS/Mohamed Abd El Ghany

ArabFinance: GB Auto’s non-banking financial services (NBFS) arm, Drive, had the largest share of Egypt’s factoring market in February on the back of doubling lending, according to a recent report by the Financial Regulatory Authority (FRA).

Drive raised its market share to almost 22% in February after loaning out EGP 254 million, when compared to EGP 115 million in January.

Egypt Factors Company ranked second in terms of the market share at 17.7%, followed by QNB Factoring with 16%.

On a yearly basis, monthly lending in the sector hiked 40% to EGP 1.17 billion in February 2021 from EGP 830.1 million in February 2020.

Total lending in the sector now stands at EGP 6.93 billion.

In February, the value of microloans levelled up 14% to EGP 20.2 billion from EGP 17.7 billion over the same period last year.

Copyright © 2021 Arab Finance Brokerage Company All rights reserved. Provided by SyndiGate Media Inc. (Syndigate.info).

Disclaimer: The content of this article is syndicated or provided to this website from an external third party provider. We are not responsible for, and do not control, such external websites, entities, applications or media publishers. The body of the text is provided on an “as is” and “as available” basis and has not been edited in any way. Neither we nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this article. Read our full disclaimer policy here.

More From Financial Services