Arab Finance: Contact Financial Holding (CNFN) announced that Hazem Moussa, its co-founder and Chairman, will step down from his role after a 25-year tenure with the company, as he moves on to pursue new ventures, as per an emailed press release.
Moussa co-founded Contact Financial Holding in 2001 and held several leadership roles over the years, serving as General Manager and Managing Director from 2001 to 2016, CEO from 2016 to 2020, and Chairman of the Board since 2018. Throughout this period, he played a central role in shaping the company’s strategy and growth.
Moussa further contributed to the development of the consumer finance sector by collaborating with the Financial Regulatory Authority to establish licensing frameworks for the industry. Under his leadership, Contact Financial Holding expanded into a diversified financial services group, including the launch of private, locally developed insurance businesses.
Today, the company operates through more than 30 subsidiaries and holds 23 licenses across its various activities. Its portfolio includes consumer lending through Contact Credit, insurance services through Sarwa Insurance, online marketplaces such as contactcars.com, as well as commercial lending and structured finance.
“It is with immense pride that I leave Contact as a mature institution ready for its next phase of growth and development. The 25 years since founding the company have been full of exciting achievements and incredible challenges. Despite numerous market crises over the years, we have managed to build an exceptional and pioneering brand built around innovation, outstanding customer experiences, and a solid technical and financial foundation. As I move to focus on new ventures, I wish all fellow stakeholders in Contact great success carrying the flag to new heights,” Moussa said.
Hazem Barakat, Chairman of B Investments, a principal shareholder of Contact Financial Holding, commented: “I would like to extend my deep gratitude and appreciation to Hazem. He has been a key pillar of the company since its establishment. Hazem has grown Contact to be one of the leading consumer finance companies in Egypt, whilst touching the lives of millions of people in the process. Hazem is a pioneer in the consumer finance space, helping shape an entire industry. We thank him for all he has done for Contact and wish him the best of luck in his future endeavors.”
Founded as Egypt’s first dedicated consumer finance company, Contact Financial Holding was established more than a decade ahead of other players in the market. The company also pioneered securitization in Egypt, working closely with the government to help develop the regulatory framework and legislation governing the activity.
