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).