Contact, The Egyptian leading non-banking financial services company, announced the signing of a collaboration protocol with Toothpick as part of its strategic plan to fund the health care sector with an investment of one billion Egyptian pounds during the second half of this year. Through this partnership, Contact supports the expansion of Toothpick in Egypt and its regional expansion by providing a financing program that serves the dental sector to enable dentists in emerging markets to benefit from e-commerce services, payments, and consumer financing to facilitate the procurement of their supplies, equipment, and even their training courses.
This partnership comes in the light of the continuous expansion of Contact’s credit services to serve a wide variety of digital platforms. Moreover, this partnership illustrates the company’s dynamic efforts toward enabling emerging tech-based projects to support the financing sector in Egypt in addition to its ongoing work to develop and improve the way consumers and companies access financial services and achieve high-quality customer experience.
In this context, Said Zater, CEO of Contact Financial Holding, said: “Today, we are pleased to implement this strategic collaboration that supports Toothpick platform, which in record time has become a dominant emerging player that has been able to succeed quickly and has made it to be a requisite tool within this sector. Dentists can look at the exceptional options offered by a wide variety of suppliers from different vendors and proceed to the purchase with a click. Through this, dentists and their assistants are reducing the hassle of procurement which enables them to focus on the professional service they are providing.”
He added: “We look forward to supporting Toothpick by enhancing its payment and financing tools, as Contact through this partnership enables dentists to meet their purchasing needs regarding the equipment of their dental clinics with a credit limit of EGP 100,000 and a 6-month interest-free repayment period and without a down payment. Furthermore, dentists will be given an additional credit limit for consumer finance to be used in different shopping outlets, This assures the extent to which Contact seeks to expand and widen its scope to support businesses across different advanced credit services.”
Additionally, Dr. Wael Bizri, CEO of Toothpick commented: “We are pleased to cooperate with an entity like Contact with over 20 years of experience and achievements in the non-banking financial sector. This collaboration will enable us to build and achieve our vision of creating a digital environment that allows dentists to shop online through our platform’s wide range of offers and benefits at their convenience, including enhanced processes, increased productivity, and cost reduction through the optimal use of comprehensive data collection and sector-related information.”
Bizri indicates that this platform is crafted specifically for professional dental practitioners. The dentists are facing multiple issues when purchasing the necessary equipment and supplies, and the arrival of orders that do not correspond to the dentist’s choice where the phone conversations cannot emulate the full image and provide in-depth insights that help the physician to determine all the available options. Here lies the power of the idea of this application, which relies on dentists who believe in true digital transformation and engagement.
This is where the challenge comes in, as it is not easy to convince doctors, especially the higher-age segment of dentists, to use a mobile application to purchase their various supplies. However, he emphasizes the application’s user-friendliness in an extremely simplified way to help dentists of different ages cope with the digital transformation, take the advantage of it, and complete the process smoothly without any technical difficulties. The availability of this tool will also help the dentists to choose products from multiple companies at the same time so that he or she is exposed to a wide variety of products whether from the retailer he or she deals with or from another retailer as well. Furthermore, delivery is done according to the dentist’s appropriate timing which organizes and adjusts the purchasing process.
This collaboration confirms Contact’s continuous pursuit to find the best fresh ways and approaches to serve the public and provide the best services to them through multiple channels, as well as enhancing the growing role that Contact plays in the field of fintech, especially e-commerce. As the investment plan of the company’s consumer financing arm in the second half of this year focuses on the healthcare sector, which the company seeks to finance in various ways, especially in the dental sector.
About Contact
Contact Financial Holding SAE (Egyptian stock code: CNFN.CA) is a leading group in providing non-bank financial solutions and services, ranked among the Top 50 Listed Companies in Egypt 2022 by Forbes magazine, as it manages a group of companies through which it provides A full range of financing and insurance products and services. Contact adopts an innovative approach to ensure providing its services of the highest quality in the fields of finance and insurance, with the easiest procedures to reach a wide segment of the market. Through Contact Credit, Contact offers various financing programs to finance the purchase of new and used cars and vehicles, durable goods financing programs, in addition to, mortgage finance and finishing programs through Contact mortgage Finance, and commercial financing programs through its companies Contact Leasing and Contact Factoring. Contact also provides insurance services through Contact insurance brokerage, Sarwa Insurance, and Sarwa Life Insurance, Also, Contact payment services for electronic payment services and collection through Contact pay. Contact is also the first and largest issuer of securitization bonds in various fields in the Egyptian market. Contact Financial Holding Company LLC. Licensed and regulated by the Financial Supervisory Authority.
About Toothpick
A groundbreaking mobile application that uses the latest technology to provide dental practitioners, dental product suppliers, and other industry stakeholders with an easy-to-navigate, streamlined ecosystem. Toothpick was launched in the United Arab Emirates (UAE), Lebanon, Egypt, and Qatar in early 2021 and is currently expanding to KSA & Kuwait.