The period leading up to November 2024 saw significant growth in consumer financing in Egypt, particularly in the phones and electronics sector, according to recent report released by the Financial Regulatory Authority (FRA)Egyptians spent approximately EGP 2.3 billion on installment purchases of these goods during Black Friday sales.
This amount represents 30.7% of the total consumer financing during the same month, which reached EGP 7.6 billion, marking a year-on-year growth of 42.1%. Additionally, the number of customers who benefited from installment services in November 2024 rose to 487.7 thousand, reflecting a year-on-year increase of 55.2%.
This surge highlights growing confidence in consumer financing services, as well as increased demand for electronic goods and phones, especially during discount periods like Black Friday.
From January to November 2024, total consumer financing in Egypt reached EGP 55.1 billion, recording a year-on-year growth of 27.1%. The number of customers utilizing these services also rose to 3.758 million, a year-on-year increase of 20.2%.
These figures indicate a significant shift in consumption patterns in Egypt, with more citizens turning to installment plans to purchase high-value goods such as smartphones and electronic devices. The substantial growth in consumer financing during Black Friday also reflects the impact of marketing campaigns and major discounts that attract consumers.