Three Egyptian banks have teamed up to create a fund dedicated to investing in emerging fintech companies.

The National Bank of Egypt, Banque Misr and Bank of Cairo are establishing a EGP1 billion fund to help financial technology companies launch their businesses in the Egyptian market.

According to Egypt Today, the fund also aims to create a nurturing, attractive market for new talent, whether local or international, and to increase the number of ‘innovative financial technology applications capable of providing and delivering banking and financial services to all segments of society more easily and at less cost’.

The fund is planned to start operating this month.

5 October 2021
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