Contact Factoring, a subsidiary of Contact Financial Holding, intends to grow the size of its factoring portfolio to EGP 1bn (US$63.7m) in 2022. The size of the current portfolio reached EGP 250m (US$15.9m).
As Hany Omar, Managing Director of Contact Factoring, revealed recently, the company is more focused on corporate clients and plans to add about EGP 300m (US$19.1m) worth of contracts to its portfolio during the first quarter (1Q) of 2022.
The company is mainly targeting contracts in the sectors agricultural, technology, and service sectors but is willing to extend to other sectors of interest.
In order to develop the Egyptian market and support local SMEs, Contact Factoring signed recently a financing programme of EGP 100m (US$6.3m) with Capiter, a B2B marketplace platform that brings together SMEs and retailers. The programme will be extended further when the first financing line is consumed.
