EFG Hermes Holding today announced the appointment of Aladdin Al-Afifi as the new CEO of its NBFI platform, effective August 1, 2022.
With his appointment, Al-Afifi will assume overall responsibility for leading the current EFG Hermes NBFI portfolio with the exception of valU’s Buy-Now, Pay-Later (BNPL) fintech platform, where he will become a non-executive member of the board. on behalf of the majority shareholder.
Al-Afifi will also be responsible for growing NBFI operations by adding new services, either organically or through acquisitions.
A holder of an MBA from the Wharton School of the University of Pennsylvania, Al-Afifi has over 23 years of experience with top-tier entrepreneurs, including Goldman Sachs, Qalaa Holdings, and a previous stint with the banking team of investment by EFG Hermes.
His most recent position was the Managing Director and Co-CEO of Pharos Holding for Financial Investments, where he was instrumental in the creation of Egypt’s first nanoloan fintech start-up, Kashat.
Al-Afifi also recently co-founded the Cairo-based Real Estate Investment Management and Advisory Group 46.
EFG Hermes firmly believes in the growth potential of the NBFI vertical. Having started with rentals in 2015, the company has invested heavily in growing the platform to now include microfinance, factoring, mortgages, e-payments and insurance.
With Tanmeyah’s recent acquisition of Fatura, the commitment to the business remains strong as Tanmeyah prepares for an increasingly digital future.
With a strong leadership team, Al-Afifi is poised to implement the company’s strategy while further institutionalizing the business and preparing it for potential monetization when conditions are right.
“We are incredibly excited to welcome back an industry veteran like Al-Afifi, who will be a great addition to the EFG Hermes family. I believe Al-Afifi’s experience and forward-thinking mindset will be an asset to to the next chapter of growth and diversification of the NBFI platform,” said Karim Awad, CEO of EFG Hermes Holding Group.
“This vertical can witness further expansion and remarkable success through dedicated and forward-thinking leadership. We are confident that this trend will continue under Al-Afifi’s leadership.”