I Wrote/ Sama Mohamed
Contact Financial Holding announces today that Hazem Moussa, co-founder of the company in 2001 who assumed various roles for 25 years, including the company’s General Manager/Managing Director from 2001-2016, Chief Executive Officer from 2016-2020 and Chairman of the Board since 2018, is stepping down from the latter role, intending to move on to new ventures.
As co-founder and in these various roles over the years, Hazem was the engine behind creating the pioneering group that Contact became.
Contact was the first dedicated consumer finance company in Egypt when founded back in 2001, more than a decade before others, and was the pioneer of securitization in the country having played a major role in liaising with the Government on adopting a securitization framework and legislation.
Hazem was also the driving force working with the Financial Regulatory Authority to create a framework and legislation for licensing consumer finance as a regulated activity. Under his leadership Contact also founded and built the first private home-grown insurance businesses in decades.
Contact today has become a unique financial group operating through over 30 subsidiaries and 23 licenses including Contact Credit and its affiliates, the leading consumer lending brand; insurance through Sarwa Insurance, which quickly grew to become a major player in the Egyptian insurance market; online marketplaces including contactcars.com, the first car marketplace in Egypt and one of the first large-scale marketplaces operating since 2002; 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,” said Hazem Moussa.
Hazem Barakat, Chairman of B Investments, a principal shareholder of Contact said: “I would like to extend my deep gratitude and appreciation to Hazem, he has been a key pillar to 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.”
