Ahmed Osama, managing director of Drive Finance.
He added that the platforms of consumer finance institutions create pioneering opportunities to deal with customers to ensure distinguished service.
Osama said the company aims to become among the first four consumer financing companies in the annual ranking of companies licensed by the Financial Regulatory Authority during the next year.
Drive Finance has played a pivotal role in the consumer finance industry and was able to be on the list of major companies. What are your tools to be successful?
Drive Finance achieved positive results, as evidenced by the figures issued by the Financial Supervisory Authority. Relying on a trained and qualified work team with a deep vision is the key to success and to move towards the future according to an ambitious plan.
What are the pillars of the strategy adopted by Drive Finance?
The company aims to acquire a large market share and pump more credit limits by doubling the customer base. The company aims to become among the first four consumer financing companies in the annual ranking of companies licensed by the Financial Regulatory Authority during the next year.
The volume of credit limits that were pumped through the “Forsa” application for consumer financing amounted to LE600 million from March until present. The electronic application was downloaded more than 150,000 times by customers.
We have attracted more than 20,000 customers, and we aim to raise the number of customers to 150,000 next year. We also aim to increase financing issuances to LE2 billion and financing balances to LE4.5 billion next year.
What is the “Forsa” application you launched in March?
“Forsa” is a pioneering application in the consumer credit industry in Egypt, especially as it targets customers in various segments, whether they have bank transactions or do not deal with banks. The credit limit provided by “Forsa” to customers starts from LE3,000 instead of LE5,000 and up to LE200,000. The installment period starts from six months to more than five years, according to the type of commodity and the value of financing.
What is the volume of lines of credit with the banking sector?
We have existing lines of credit that exceed LE3 billion with several banks, including the National Bank of Egypt, Banque du Caire, and the Commercial International Bank. The credit lines include bond issues on which the company relies, and we intend to renew these lines at a value of LE1 billion to meet the company’s goals.
Last July, Drive Finance completed its first issuance of LE700 million in bonds in two tranches as part of a broader LE2 billion programme.