EGYPTIAN FINTECH FUND DISRUPTECH LEVERAGES RISING E-FINANCIAL SERVICES INDUSTRY
In recent months, there has been a growing appetite for investments in Egypt’s fintech companies, especially after the Central bank of Egypt (CBE) began encouraging digital financial transactions in order to reduce the dependency on cash, which may contribute to spreading the novel coronavirus.
To create a momentum for the burgeoning sector, the CBE launched its first fintech sandbox in June 2019 and invited startups and companies specializing in e-KYC solutions. The CBE has also announced the allocation of EGY 1 billion ($61.8 million) to a fintech innovation fund, but this has yet to be launched.
Last year, the CBE unveiled a strategy that recognized fintech as a crucial pillar to promote financial inclusion and transform the country’s banking landscape. This strategy aims to turn Egypt into a fintech hub in the Arab world and in Africa.
Source Credit: Zawya
