Arab Finance: Egypt’s financial landscape is undergoing a critical transition as the era of "passive liquidity" gives way to the rise of specialized CashTech solutions. With EGP 1.3 trillion in high-yield certificates of deposit (CDs) set to mature in early 2026, the Egyptian market is at an inflection point, where households and corporates alike are seeking alternatives to traditional, low-yield accounts that often see value eroded by inflation. This evolution is supported by a modernizing regulatory environment led by the Financial Regulatory Authority (FRA), which has shifted toward enabling digital-native fintech solutions that prioritize both accessibility and safety.

In this interview, we sit down with Hisham Akram, Founder and CEO of GRANITE Financial Holding, a firm established in 2023 to bridge the structural gaps in Egypt’s asset management sector. Akram discusses the launch of Egypt's first fully digital Money Market Account (MMA) and explains how it transforms idle cash from a "silent liability" into a productive asset with daily compounded returns. He further elaborates on the firm’s competitive "moat" and unveils GRANITE’s ambitious 2026 roadmap, which includes USD-denominated funds, private pensions, and the development of Real Estate Investment Trusts (REITs).

1-You co-founded GRANITE in 2023. What was the specific "market pain point" in Egypt’s traditional asset management sector that convinced you the time was right for a digitally-native, "CashTech" specialized firm?

GRANITE was established to address a clear structural gap and historical inefficiencies in Egypt’s financial system, where trillions in idle cash balances belonging to households and corporates were treated passively, and liquidity often came at the expense of returns.

For years, the asset management industry was described as "dying" because it was "beholden to the banks" and restricted by legal constraints that prevented firms from sponsoring their own funds. This forced a binary choice for clients: leave money in low-yield current accounts or lock it away in long-term certificates, resulting in an "invisible loss" as inflation eroded the value of non-productive capital.

By being allowed to create our own funds and also to distribute them, creating a digitally-native MMA, GRANITE eliminates this trade-off, providing a safe, FRA-regulated platform that transforms idle cash into an active asset class with daily compounded returns and 24/7 accessibility.

2-GRANITE’s core philosophy is that "cash should grow, not wait." Beyond simple interest, how does your model fundamentally change how an average Egyptian individual or a corporate treasurer views their daily "idle" cash balances?

GRANITE’s model fundamentally changes the view of daily "idle" cash balances for both individuals and corporate treasurers by eliminating the traditional trade-off between accessibility (liquidity) and financial performance.

The MMA changes the view of cash from being locked away to something that should continuously grow.

• From Periodic Growth to Continuous Progress: The individual no longer measures progress based on traditional monthly or periodic interest cycles, which create a lag between financial activity and visible growth. Instead, the view shifts to one of daily compounding, where cash grows steadily every day, keeping financial progress aligned with expenses, opportunities, and financial decisions.
• From Friction to Fluidity: Traditional access to Money Market Funds (MMFs) often involved operational steps like visiting branches or submitting requests before cutoff times (e.g., 12 PM). Digital MMAs remove this friction, allowing cash to remain productive without requiring these operational steps. This digital access modernizes the way people interact with their capital, making liquidity and returns co-exist.

For the Corporate Treasurer

The model redefines corporate liquidity, moving it from a passive balance sheet item to an actively managed strategic asset that supports operational agility

• From Conservative Reserve to Strategic Asset: Idle cash is no longer viewed as the "safest part of the balance sheet" or a conservative approach. Instead, in high-inflation environments, it is viewed as a "silent liability" or a hidden cost that compounds daily as its real purchasing power gradually declines while earning minimal returns in traditional current accounts. The new perspective treats liquidity as a strategic asset that must work with purpose, supporting operational agility, financial efficiency, and better capital allocation.
• From Restricted Performance to Full Liquidity: Corporate treasurers traditionally faced a trade-off: keep cash accessible in low-return accounts, or lock it into fixed instruments that limit flexibility. Modern money market structures allow corporate cash to generate consistent daily performance while remaining fully accessible for critical operational needs (e.g., payroll, procurement, or immediate reinvestment), removing the need for lock-up periods.
• From Headline Returns to Net Value (Tax Efficiency): Returns generated through GRANITE’s money market structure are tax-free for corporate entities, allowing companies to capture the full value of returns, which contrasts with traditional instruments like time deposits that can be subject to a taxable rate of up to 22%. GRANITE provides top-tier tax-free yields, maximizing its net gains.

3-GRANITE recently received FRA approval for its USD-denominated Fixed Income Fund in partnership with Naeem Holding. In a market where hard currency liquidity is a top-tier priority, how does this fund offer a more flexible alternative to traditional bank-held dollar accounts?

First, we offer regulatory credibility from day one. From the start, we invested in institutional-grade infrastructure, governance, and compliance under full FRA supervision. Our regulatory approval to offer fully digital MMA reflects that foundation. This ensures a secure, safe, trusted, and compliant environment

Second, we provide a competitive rate. GRANITE’s definition of the "highest returns” goes beyond the headline return and focuses on the actual net value retained. This offers a meaningful net benefit compared to traditional instruments.

Third, we offer flexible liquidity. GRANITE eliminates the traditional trade-off between accessibility (liquidity) and financial performance. This is achieved through a fully digital, friction-free experience.

4-Earlier this year, you launched the first fully digital money market account in Egypt. With EGP 1.3 trillion in CDs reportedly maturing in early 2026, how much of that liquidity are you aiming to capture with this "no lock-in" digital alternative?

GRANITE's objective is to position its digital MMA as the primary alternative for the EGP 1.3 trillion in maturing high-yield certificates by offering a "no lock-in" CashTech solution that addresses the historic gap in Egypt's capital markets.

The aim is to establish GRANITE as the default digital gateway for both individual and corporate cash, transforming idle balances into productive, daily-earning assets that remain fully accessible without the traditional trade-offs of the banking system.

With EGP 1.3 trillion in CDs maturing, our goal is bold: to make GRANITE the default digital gateway for cash in Egypt, liquid, productive, and friction-free.

5-Unlike traditional asset managers, GRANITE uses a seamless digital onboarding process. How critical has the FRA’s recent regulatory shift toward fintech been in allowing you to scale without the overhead of physical branches?

This digital license marks a crucial step in executing our strategy. It reinforces our commitment not only to regulatory compliance but to contributing to the evolution of the financial ecosystem. The digital platform sets a new benchmark for financial services by delivering a secure, seamless, and trusted user experience.

Through the mobile application, individuals can complete a fully digital account opening and e-KYC registration within minutes, with no paperwork or branch visits required. Users benefit from 24/7 access to their funds with daily compounded returns and no lock-ins. The “GRANITE MMA” can be linked to any Egyptian bank account, enabling smooth transfers to and from the account.

For the USD Account, users will be required to visit their bank the first time with the printed mandatory documents (USD Fund Prospectus and Signed Contract), along with GRANITE’s USD bank details to identify GRANITE’s account at their banks.

6-The Egyptian market has seen a surge in investment apps recently. What is the specific "moat" that protects GRANITE’s position, particularly for corporate clients?

GRANITE removes the traditional friction. Our Money Market Fund pools capital and invests it professionally in short-term Egyptian government securities (T-Bills), maintaining a conservative maturity profile in line with regulatory guidelines and holding liquidity buffers to ensure smooth redemptions, even during peak demand periods.

Net returns are calculated and added daily, allowing for compounding while funds remain fully accessible.

For corporates, the advantage extends further. Returns generated through the fund are tax-efficient compared to traditional bank deposit mechanisms, creating a meaningful net benefit.  At the same time, we will integrate directly with corporate ERP systems, enabling automated transfers, real-time reporting, and seamless accounting entries. Liquidity management becomes operationally efficient rather than manual and reactive.

The underlying instruments are sovereign-backed, providing a strong layer of security within a fully regulated framework, and notably, the returns are tax-free.

Our moat is simple: the best value is not just the rate; our dashboard is as good as, if not better than, what most online banking systems offer, backed by the highest security and fraud protection policies and practices. If you add to that, it is the right mix of yield, liquidity, safety, and tax efficiency.

 

7-Egypt has faced significant currency and inflationary pressures. How do GRANITE’s short-duration, high-liquidity tools help investors protect their purchasing power in such an environment compared to long-term fixed assets?

GRANITE’s short-duration, high-liquidity tools are designed to protect purchasing power by transforming what is a "silent liability" in a high-inflation environment, cash held in low-yield vehicles, into an actively managed, productive asset, fulfilling the core philosophy that "cash should grow, not wait".

This CashTech solution, GRANITE is offering, helps preserve users’ purchasing power through:

• Maximizing Returns and Safety: The GRANITE MMA is the ideal cash management solution for preserving purchasing power. It delivers superior returns by providing the highest compounded daily tax-free returns on cash, while maintaining safety by investing exclusively in Egyptian Treasury bills and shielding investors from credit risk.
• Full Liquidity vs. Lock-in: Unlike fixed instruments that impose lock-in periods, GRANITE’s money market accounts allow cash to remain fully accessible for critical operational needs. This "no lock-in" feature supports operational agility and financial flexibility, ensuring that investors do not sacrifice accessibility for performance.
• Hard Currency Protection: The GRANITE Dollar Account offers an additional layer of protection against currency pressures by delivering the highest cumulative daily returns in hard currency, all under full regulatory supervision.

8-Many Egyptian companies still maintain liquidity in low-yield vehicles. What is the biggest hurdle in convincing local CFOs to move toward automated, digital cash management solutions?

For corporates, this is not only about returns, but about structured and disciplined liquidity management, which is why we are investing in enterprise-grade infrastructure, including API integrations with ERP systems, enabling automated cash sweeps, real-time reporting, and operational efficiency for CFOs and treasurers.

We are currently offering CFOs a digital dashboard for real-time liquidity tracking and significant tax advantages, as fund returns are effectively tax-free compared to the 22.5% corporate tax on bank interest. This makes GRANITE the smart, tax-efficient solution for forward-thinking CFOs and company founders looking to maximize net returns.

Over the next five years, our ambition is to manage multi-billion-pound assets under management and position GRANITE as a foundational layer in Egypt’s liquidity ecosystem, the default digital gateway for managing both individual and corporate cash efficiently.

9-How would you describe the current state of Egypt’s regulatory framework for "CashTech"?

The current state of Egypt’s regulatory framework for "CashTech" is at a clear inflection point, shifting from traditional oversight to a modernized, innovation-enabling environment led by the FRA. By maintaining well-defined regulatory guardrails and establishing sandboxes for real-world testing, the FRA has positioned itself as a strategic partner to the sector, ensuring that digital financial solutions meet the high safety and transparency standards required to build trust in the Egyptian market.  

We are truly very proud to be a strong advocate and force for market development, introducing international best practices and helping advance Egypt’s Vision 2030 by enhancing smart money solutions and accelerating digital transformation across the financial sector.

10-What are your expansion plans for 2026?

Beyond our USD Money Market Fund launching in the first quarter (Q1) of 2026, we are developing two major fund initiatives that address clear gaps in Egypt's investment landscape.

The first is private pension funds, similar to the 401K in the US and the Individual Retirement Accounts (IRA) in the UK, designed to offer Egyptian employees and self-employed individuals a modern retirement savings vehicle. The objective here is to provide sustainable returns over 20-30-year horizons through a diversified portfolio.

We are designing this fund with allocations across government bonds for stability, equities for growth, real estate for income, and potentially venture capital for long-term upside. What's particularly important is that under the new regulations, employees can allocate a fixed tax-deductible amount from their salary into the pension portfolio, and critically, this contribution follows them even if they change employers. This portability was a major limitation in the old system.

The challenge we are navigating is the current tax framework, which doesn't adequately incentivize middle- and high-income earners. We're advocating for reforms because we believe the product has merit and will significantly contribute to the development of capital markets over time.

The second initiative is a REIT focused on generating regular cash distributions from rental income across diversified property types. This is not about fractional ownership; it is about building a portfolio of income-generating assets: commercial units, administrative offices, residential rentals, hospitality properties, and medical centers.

Think of it as a dividend-paying portfolio, but for real estate. The objective is to offer investors exposure to Egypt's real estate market without the illiquidity of direct ownership. You won't need to buy an entire apartment or shop; you will own units in a fund that owns a portfolio of income-generating assets. To execute this properly, the fund needs to be large to achieve proper diversification and meet listing requirements on the stock exchange.

We are working with multiple real estate developers to source quality assets, and the fund will have adequate float and market-making support to ensure investors can sell their units when they need liquidity. This type of fund hasn't been properly done in Egypt yet, so it requires time and focus to ensure success.