Egypt's national banks invest in Global Ventures' new fintech fund

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Cairo - Banque Misr, National Bank of Egypt (NBE), and Banque du Caire have invested in the newly-launched fintech fund, Nclude, by Global Ventures with an initial amount of $85 million.

Following approval by the Central Bank of Egypt (CBE), the fund aims to promote fintech innovation and financial inclusion in Egypt and support early- and growth-stage Egyptian fintech startups, according to a press release on Sunday.

Meanwhile, e-finance For Digital and Financial Investments has joined Egypt's largest national banks with $10 million investments in Nclude.

The Fund has made its first investments in four fintech companies, comprising Khazna, Lucky, Mozare3, and Paymob.

The Governor of the CBE, Tarek Amer, said: "This step is an implementation of the directives of President Abdel Fattah El-Sisi to support innovative youth in the Fintech and Fintech-enabled sector, as well as CBE’s FinTech & Innovation Strategy which aims to create an enabling environment for the FinTech industry and adopt more innovative FinTech solutions capable of delivering banking and financial services to all segments of society more easily and at less cost."

Meanwhile, the Partner at Global Ventures, Basil Moftah, commented: "Egypt's huge unbanked, young population, and cash-dominated economy offers strong opportunities for local and regional Fintech and Fintech enabled companies who continue to witness exponential growth in the market."