Egypt's three largest banks will invest $85 million in a new FinTech fund, with Banque Misr as the anchor investor, to boost the sector's growth and drive financial inclusion as the country strives to build a "future economy."
According to a statement issued on Sunday, Banque Misr, National Bank of Egypt, and Banque du Caire will support the new FinTech fund, which has been approved by the Central Bank of Egypt and is managed by the UAE-based venture capital firm Global Ventures. The fund, known as Include by Global Ventures, also received investments from eFinance Investment Group and Egyptian Banks Company. It is expected to entice more regional and international investors. The move is part of Egypt's national strategy, which aims to create an enabling environment for the FinTech industry and adopt more innovative solutions capable of delivering banking and financial services to all segments of society more easily and at a lower cost, as a critical step towards transforming Egypt into a regional centre for the FinTech industry.