Contact co-founder Hazem Moussa steps down as chairman after 25-year run as consumer finance pioneer

The man who showed us how to buy cars and plenty of other things on credit is setting out to build something new. Hazem Moussa (LinkedIn) is stepping down as chairman of Contact Financial Holding after a 25-year run that saw him build Egypt’s consumer finance industry from the ground up, according to a company statement(pdf). Moussa, who co-founded the firm in 2001, was Contact’s managing director from launch to 2016 and then as CEO from 2016 to 2020 before taking on the chairman’s post.

Widely credited with inventing the playbook for consumer credit and securitization in Egypt, Moussa worked directly with the government and the FRA to draft the frameworks that now govern the industry. His exit marks the final stage of a multi-year leadership transition at Contact, which saw John Saad take the CEO reins from longtime chief Said Zater last year.

Hazem appeared on our podcast Making It (tap or click here to listen, runtime: 32:24) back in 2019 to tell the story of how he built a household name.

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Industry Minister Khaled Hashem appointed Mohamed Zada (LinkedIn) as assistant minister for strategic industries, according to a ministry statement. Zada, a 22-year veteran of the heavy industry sector, most recently served as the general manager of Suez Steel. He held regional leadership roles at LafargeHolcim (now Holcim) across MENA, as well as senior roles at Egyptian Steel and El Marakby Steel.