Egypt: NBE, Misr Bank, BDC Launch Fund to Support Financial Technology, Innovation

The Central Bank of Egypt (CBE) announced on Monday 27/9/2021 that the National Bank of Egypt (NBE), Banque Misr, and Banque du Caire are planning to launch a fund to support financial technology startups with a minimum capital of EGP 1 billion in October.

The fund will be open for contributions from other banks and financial institutions, the CBE said in a statement.

The move is aimed at supporting the financial technology sector which is the future of the banking and finance industry in Egypt and worldwide by creating an environment that supports innovative applications which will help boost financial inclusion and achieve the country's objectives for digital transformation as part of Egypt Vision 2030, the statement read.

The fund will direct investments into fintech startups, whether local or international ones, intending to launch their businesses in the Egyptian market.

MENA

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