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.
-Ends-
About Contact:
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.
© Press Release 2021
Disclaimer: The contents of this press release was provided from an external third party provider. This website is not responsible for, and does not control, such external content. This content is provided on an “as is” and “as available” basis and has not been edited in any way. Neither this website nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this press release.
The press release is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Neither this website nor our affiliates shall be liable for any errors or inaccuracies in the content, or for any actions taken by you in reliance thereon. You expressly agree that your use of the information within this article is at your sole risk.
To the fullest extent permitted by applicable law, this website, its parent company, its subsidiaries, its affiliates and the respective shareholders, directors, officers, employees, agents, advertisers, content providers and licensors will not be liable (jointly or severally) to you for any direct, indirect, consequential, special, incidental, punitive or exemplary damages, including without limitation, lost profits, lost savings and lost revenues, whether in negligence, tort, contract or any other theory of liability, even if the parties have been advised of the possibility or could have foreseen any such damages.
