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 leadership responsibility for EFG Hermes NBFI’s current 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 of directors. representing the majority shareholder.
Al-Afifi will also be responsible for growing NBFI’s operations through the addition of new services, either organically or through acquisitions.
With an MBA from the Wharton School at the University of Pennsylvania, Al-Afifi has over 23 years’ experience with blue chip employers including Goldman Sachs, Qalaa Holdings, and a previous stint in the investment banking team at EFG Hermes.
His last position was Managing Director and Co-CEO of Pharos Holding for Financial Investments, where he was instrumental in establishing Kashat, Egypt’s first nano-loan fintech start-up.
Al-Afifi also recently co-founded the 46 Group, a Cairo-based real estate investment management and advisory company.
EFG Hermes firmly believes in the growth potential of the NBFI vertical. After starting with leasing in 2015, the company has invested heavily in growing the platform to now include microfinance, factoring, mortgage, electronic payments and insurance.
With the recent acquisition of Fatura by Tanmeyah, commitment to the business remains strong as Tanmeyah prepares for an increasingly digital future.
With a strong management team, Al-Afifi is ready to implement the company’s strategy while further institutionalizing the business and preparing it for potential monetization when conditions are right.
“We are extremely 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 progressive mindset will be an asset for the next chapter of growth and diversification of the NBFI platform,” said Karim Awad, CEO of EFG Hermes Holding Group.
“This vertical can experience further expansion and remarkable success with dedicated and forward-looking leadership. We are convinced that this trend will continue under the leadership of Al-Afifi.