AMAN for Financial Services obtains the first consumer finance service provider license
Hazem Moghazi: We aim to reach our portfolio of 700 million pounds by the end of this year
AMAN for Financial Services, an Egyptian joint stock company and one of Raya Holding Company for Financial Investments subsidiaries, obtained a license to engage in consumer finance activity within its purposes in accordance with the New Resolution No. 494 of 2020.
Hazem Moghazi, CEO of AMAN for Financial Services, explained that the AMAN license is the first license for a consumer finance service provider. Through this service, Moghazi mentioned that we can continue to provide our services package to our customers according to the latest amendment, starting with installment services and paying bills for cash services.
Moghazi added, that AMAN’s investment portfolio includes 500 million pounds and aims to reach 700 million by the end of this year. This indicates that the company has an ambitious strategy to expand the services provided, most notably payment, selling and buying services online through the company’s outlets. AMAN has 250 branches and outlets in 23 governorates nationwide.
Moghazi explained that they work in installments according to the standards of the corporation and added that with obtaining the first consumer finance service provider license, this step is a testimony for them in their compliance with the general professional rules and regulations for installment on its basis while protecting consumer rights, increasing efficiency, reducing prices, meeting the growing needs of local demand and providing database to aid decision making.
The first article of the law regulating consumer finance activities defined consumer finance providers as producers or distributors of goods who engage in consumer finance activity. The law required consumer finance providers whose main activity is distributing or selling goods subject to financing to obtain a license from the authority and be registered with a special registry when the annual funding provided by them exceeds the limit decided by the Authority’s Board of Directors, provided that it is not less than 25 million pounds.