Cairo – Mubasher: Sarwa Capital Holding for Financial Investments announced that its subsidiary Contact Credit received the first consumer financing licence from the Financial Regulatory Authority (FRA) in line with the new Consumer Credit Act.

The value of consumer financing provided by Contact, excluding mortgage financing, reached EG 20 billion with an outstanding portfolio of more than EGP 5.5 billion at the end of 2019, according to a bourse statement on Sunday.

It is noteworthy to mention that in 2019, Sarwa Capital logged net profits of EGP 406.51 million, up from EGP 297.81 million in 2018, including minority shareholders’ rights.