CAIRO - 3 December 2024: Consumer financing in Egypt surged to LE 41.9 billion during the first nine months of 2024, marking a 28.13 percent increase compared to LE 32.7 billion during the same period in 2023, according to the Financial Regulatory Authority (FRA).
Consumer financing involves providing funds for purchasing goods and services for personal use, with repayment terms spanning at least six months. It encompasses financing through commercial payment cards and other methods approved by the Central Bank of Egypt.
The FRA report indicated that total financing extended by entities under its supervision—including capital markets and non-banking financial services—amounted to LE 646.6 billion during the first three quarters of the year.
Funding for small, medium, and micro-enterprises reached LE 67.8 billion, while mortgage financing stood at LE 17.7 billion during the same period.
The insurance sector recorded LE 69 billion in collected premiums in the first nine months of 2024. This includes LE 38 billion from property and liability insurance and LE 30.9 billion from life and savings insurance.
The sector paid out LE 31.5 billion in claims, with property and liability claims totaling LE 15 billion and life and savings claims reaching LE 16.5 billion.
Property and liability insurance safeguards against risks such as fire, theft, and damage to assets, including homes, cars, and warehouses. Meanwhile, life and savings insurance cover policies like life insurance, accidental death, and other personal protections.
The robust growth in consumer financing and insurance reflects Egypt’s economic resilience and an increasing appetite for financial services across various sectors.
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