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Three Egyptian banks to launch EGP 1.3B fintech fund

Three Egyptian banks to launch EGP 1.3B fintech fund

ArabFinance: National Bank of Egypt (NBE), Banque Misr, and Banque du Caire (BDC) (BQDC) are set to launch Egypt’s first fintech fund with a capital of over EGP 1.3 billion, Happi Journal reported, citing Rasha Negm, Assistant Sub-Governor Information Technology at the Central Bank of Egypt (CBE).

Egypt has grown rapidly in the field of fintech over the past few years, as investments in the field soared over 300%, Negm added.

The top official highlighted that the CBE realized the importance of fintech which caused the launch of its digitalization strategy in March 2019.

The CBE has taken big steps in the implementation of this strategy which is aimed primarily at boosting financial inclusions.

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