- Central Bank Invests in 8 Startups
- New investments focus on FinTech and entrepreneurship in the banking sector
- FinTech Fund serves as the Central Bank’s financial arm to support startups
The Central Bank of Egypt (CBE) has announced an investment of $24.5 million in eight FinTech startups through its FinTech Fund, aiming to foster innovation and support entrepreneurship within the Egyptian banking sector.
The capital of the FinTech Fund has grown to $105 million, up from $85 million at its launch in March 2022.
The CBE highlighted that the fund has played a pivotal role in attracting foreign investments to this vital sector. For every dollar invested by the fund in the Egyptian market, an additional $5 was attracted from foreign investors for these startups.
This announcement follows a restructuring of the fund’s management, now led by Development Partners International, a firm specializing in attracting foreign investments to innovative and entrepreneurial sectors like FinTech.
FinTech Fund is a core element of the CBE’s strategy to promote financial inclusion and drive growth in the banking sector. It aims to empower digital innovation and develop technological solutions that address both local and global market needs.
Key Partners
The fund was established with contributions from major Egyptian banks, including the National Bank of Egypt, Banque Misr, and Banque du Caire, along with specialized companies such as eFinance Investment Group, Egyptian Banks Company, and Mastercard.
Strategic Investments
In 2022, the fund directed its initial investments to four key companies:
Khazna: An Egyptian company offering comprehensive financial solutions through its innovative app.
Lucky: A platform providing financial services like digital payments, installment options, and cashback offers.
Mozare3: A tech startup focused on digitizing the agricultural sector to meet farmers’ financial and non-financial needs.
Paymob: Founded in 2015, this company delivers integrated electronic payment solutions across Egypt, Africa, and the Middle East.
These initiatives align with the CBE’s vision of enhancing entrepreneurship and advancing the FinTech ecosystem in Egypt, solidifying the country’s position as a regional hub for technology and innovation.
