Over the past few years, the Fintech scene in Egypt has significantly grown. We have witnessed the launch of various governmental initiatives, along with fintech-focused venture capitals & accelerators, all of which are catalysts that shape the ever-growing fintech scene.
The combination of the government’s financial inclusion initiative, a young population, and a growing rate of smart phone users is actually encouraging both corporates and investors to engage more in the rapidly growing fintech scene. This encouraging environment created a safe space for many new startups to arise, trying to solve various financial challenges for both businesses and individuals.
On the one hand, the Egyptian government took several initiatives to support the fintech industry. This includes the introduction of the fintech regulatory sandbox that aims to provide startups with a controlled environment to test their fintech ideas and further develop them into fully functional financial services. In addition to that, Fintech Egypt platform was also launched and will act as the fintech hub for the MENA region.
On the other hand, a spike in fintech-focused investment initiatives has be noticed, with the launch of several fintech funds, hackathons, and accelerators. These announcements include a 1 billion EGP fintech fund announced by the CBE, a fintech fund by Camel Ventures to invest in startups in Egypt and Africa announced by Shehab Marzban, the former advisor of Minister of Investment, and the launch of $25 million fintech-focused fund announced by, Fawry’s former Managing Director, Mohamed Okasha.
MINT Incubator is launching its very own Fintech track, for startups at ideation phase. The new fintech track aims to help founders in refining their fintech ideas and developing their financial products/services, with a potential opportunity of collaborating and integrating with EGBANK.
Other large corporates and banks are creating and participating in various events and programs that aims to further develop the fintech landscape in Egypt and MENA. The fintech scene has also witnessed the launch several insurance-focused hackthons like InsurHack, an Insurtech Hackathon. In addition to telecom operators running very active mobile wallets.
These actions and efforts are playing a significant role in the rapid growth and evolution Egypt’s fintech ecosystem and creating a market that is both collaborative and competitive.
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