That does look fungal am afraid. She needs to see the vet for a proper diagnosis, it could be any type of fungal. At this stage it doesn't look like ringworm but it could be the early stages.
I recommend Imaverol which can be used as a dip that you don't wash off and can also be used topically between dips.
http://www.hyperdrug.co.uk/Enilconazole-100mg_ml-100ml/productinfo/ENILCON/
The vet can also prescribe oral anti-fungal medication such as Itrafungol or Nystatin depending on the type of fungal.
Please note though that if the vet does a culture, ringworm is the only type of fungal that shows up using the standard method. Others tend not to culture.