Contact Creditech: Accelerating Your Financial Journey with Unique Solutions

Updated 11/12/2024 8:00:00 AM

Arab Finance: Contact Creditech, the digital consumer finance arm of Contact Financial Holding, has been a key player in the Egyptian fintech scene. With its Contact Now app, it has been empowering customers to make informed financial decisions with confidence.

In this exclusive interview, we spoke to Omar Elfiky, Managing Director of Contact Creditech, to explore the journey behind launching Contact Now and the company’s role in shaping the future of consumer finance in Egypt.

1-What inspired the creation of Contact Now, and what unique value propositions does it offer compared to Contact Financial Holding?

Contact Now was inspired by the vision of transforming consumer finance into a fully digital experience that aligns with the evolving needs of our customers.

Contact Financial Holding, formerly known as Get GO, has been a trusted player in the market since 2015, leading it with innovative solutions.

Transitioning from Get Go to Contact Creditech enabled us to combine the strengths of traditional financing with cutting-edge digital solutions, offering a unique and accessible experience.

Unlike Contact Financial Holding, which provides a broader range of financial products, Contact Creditech focuses on delivering agile digital finance that enables customers to access credit on their terms through the Contact Now app.

2-Can you elaborate on the specific services differentiating Contact Now from traditional financial institutions?

Contact Now offers a suite of services designed to offer an entirely digital financing experience, making it seamless for customer to manage their finances online. Through the Contact Now app, users can obtain credit approvals in record time, explore the largest merchant network in Egypt, and choose from a variety of payment solutions.

The app also features Blue November—a month-long promotion offering exclusive discounts and deals across numerous products and services. This, combined with our expansive cashback program, provides customers with unparalleled financial flexibility and rewards that traditional banks often do not offer.

3-How does the Contact Now application enhance user experience, and what features are specifically designed for it?

The Contact Now app is designed to provide a fast, user-friendly digital experience. Every step of the financing process, from application to repayment, occurs within the app, eliminating the need for traditional paperwork.

We have introduced features such as a dynamic, daily-updated Blue November promotion calendar to encourage users to check for new deals. Additionally, flexible installment plans range from 6 to 60 months with amounts up to EGP 1 million, allowing customers to tailor payments to their preferences.

These features are crafted to provide financial empowerment at users’ fingertips, creating a streamlined and enjoyable user experience.

4-How does Contact Now’s cashback service enhance customer loyalty and engagement in the competitive financial services market?

The Contact Now cashback service is integral to fostering a rewarding customer journey, setting us apart in a highly competitive market. Every purchase made through our app not only meets an immediate financial need but also provides benefits to the user, reinforcing loyalty and engagement.

By linking cashback rewards with everyday purchases, Contact Now encourages customers to return to the platform, positioning our app as their go-to solution for seamless financing and rewarding engagement.

5-What are the key benefits of using Contact Now's cashback services for consumers, particularly in terms of financial inclusion and accessibility?

Our cashback program offers unique advantages, making financing accessible and financially beneficial. For consumers from various economic backgrounds, it provides an inclusive edge by helping them maximize every transaction and stretch their purchasing power.

In areas where traditional banking may be less accessible, our cashback rewards foster a more inclusive financial environment by delivering value on each purchase, making Contact Now a powerful tool for economic participation.

6-How do Contact Now’s cashback offerings impact consumer spending behavior and overall economic activity within the regions they serve?

By integrating a cashback feature, we encourage consumers to adopt a more proactive approach to financing while supporting local businesses. This feature enhances purchasing power, leading to increased spending on essential and lifestyle goods, which in turn boosts local economic activity.

Cashback rewards create a cycle of value that benefits both customers and the economy, promoting responsible and consistent spending behavior in the regions where we operate.

7-Can you discuss the significance of your partnerships with major companies like Vodafone and Jumia, and how they enhance your service offerings?

Our partnerships with industry leaders like Vodafone and Jumia allow us to deliver even more value through Contact Now. These collaborations bring exclusive offers and broader access to essential services and popular products, adding substantial value to our users’ everyday purchases.

These alliances make Contact Now a more versatile tool, enabling users to enjoy offers and cashback on products they frequently use and trust.

8-How do you view the current state of the fintech sector in Egypt, and what role does Contact Now play within it?

Egypt’s fintech sector is experiencing rapid growth, driven by an increasing demand for digital financial solutions. Contact Now is at the forefront of this shift, promoting financial inclusion and accessibility through our digital services.

We see ourselves as an essential player in Egypt’s fintech landscape, shaping the future of digital finance by setting benchmarks in customer service, user convenience, and financial rewards that go beyond conventional offerings.

9-Can you share with us the company’s performance and key growth metrics? For instance, what are your year-on-year growth rate, revenues, and profits?

Contact Now has demonstrated impressive growth since its rebranding and digital expansion. In recent years, we have seen a significant increase in app downloads, user engagement, and transaction volumes.

While specific financials remain confidential, our strong year-on-year growth in user base and revenue underscores our success in providing highly sought-after digital financing services.

This growth trajectory continues to position us as a leader in Egypt’s fintech sector, with sustained profitability and an expansion of our offerings.

10-What is next for Contact Creditech in terms of growth and expansion?

Our next steps involve further scaling Contact Now across Egypt and potentially expanding into regional markets, with plans to introduce more features focused on user convenience and financial rewards.

We aim to deepen our partnerships, broaden our merchant network, and enhance our cashback program, ensuring that our customers receive the most value from their financing experience.

Ultimately, our vision is to become the go-to digital financing solution in Egypt and beyond, setting a new standard for customer-focused financial services.