Egypt’s First Microfinance Union names Mona Zulficar as Chairman

The first Egyptian Union of Microfinance has elected Mona Zulficar- Chairman of Al Tadamun Microfinance Foundation- as Chairman, Head of Egyptian Supervisory Authority (EFSA) Sherif Samy announced Tuesday.

Mona Zulficar is also the Non-executive Chairperson of EFG Hermes Holding.

The union has elected two vice presidents; Mohamed Mashhour – Executive Member of Banque Du Caire- and Khaled Salah- Head of Fekra Association for Development in Menya.

The Board of directors has been elected during union’s first general assembly-held in June 11, 2015- and held its first meeting on Monday evening, Samy stated.

The chairman stated that the board of directors has elected its President and two Vice Presidents as referred to in union’s main system issued by EFSA.

The Union includes in its membership companies, associations and NGOs, banks operating in microfinance in addition to the Social Fund for Development, Credit Guarantee Co. and other related parties.

The Egyptian Union of Microfinance aims to develop microfinance and strengthen its concepts and norms of practice. Also, the Union aims at raising awareness of microfinance and adopting initiatives supporting this activity.

Moreover, The Egyptian Union of Microfinance will make recommendations on legislations regulating microfinance. Besides, the Union will develop the skills of those working in the field of microfinance through education, training and will raise the efficiency of those engaged in the activity.