Egyptians lean on instalment payments to cope with inflation

Egyptians lean on instalment payments to cope with inflation

Egyptians are increasingly relying on instalment payments, not just for big-ticket items but for relatively cheap, routine items such as clothing and groceries

A pedlar sells roasted corn cobs by the medieval Sultan Al Ghuri Complex in the Azhar district of Egypt's capital Cairo. Inflation in Egypt has accelerated to five-year highs. — AFP

By Reuters Published: Wed 22 Feb 2023, 4:45 PM

Ahmed Ramadan, a 44-year-old father of three, started using instalment payment services eight months ago after feeling the sting of high prices that have squeezed Egyptians’ pockets over the last year.

He used the services to buy a television, a mobile phone for his daughter, and even clothes for his family.

“It might be more expensive than paying up front in cash but at least I can meet the needs of my entire family and not just one person,” Ahmed said.

The extra liquidity would help pay for his kids’ schools, he said.

Egyptians are increasingly relying on instalment payments, not just for big-ticket items but for relatively cheap, routine items such as clothing and groceries, as the North African country grapples with record-high inflation, consumers and industry leaders told Reuters.

Inflation in Egypt has accelerated to five-year highs, after the war in Ukraine hit