NBE, Banque Misr, Banque du Caire to launch $63mln fintech fund

The fund will direct investments into fintech startups

  
People walk in front of Banque Misr in Cairo, Egypt, September 7, 2017. Image used for illustrative purpose.

People walk in front of Banque Misr in Cairo, Egypt, September 7, 2017. Image used for illustrative purpose.

REUTERS/Mohamed Abd El Ghany
Cairo –  The Central Bank of Egypt (CBE) announced that the National Bank of Egypt (NBE), Banque Misr, and Banque du Caire are planning to launch a fund to support financial technology startups with a minimum capital of EGP 1 billion in October.

The fund will be open for contributions from other banks and financial institutions, the CBE said in a statement on Monday.

The move is aimed at supporting the financial technology sector which is the future of the banking and finance industry in Egypt and worldwide by creating an environment that supports innovative applications which will help boost financial inclusion and achieve the country's objectives for digital transformation as part of Egypt Vision 2030.

The fund will direct investments into fintech startups, whether local or international ones, intending to launch their businesses in the Egyptian market.

Source: Mubasher

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