Through the launch of the Enclosed Fund for Financial Technology, the Central Bank of Egypt (CBE) has revealed that it has invested $24.5 million in 8 emerging companies in the field of financial technology.
This is within the framework of the Egyptian banking sector’s efforts to keep pace with global developments in the fields of financial technology and entrepreneurship.
Nclude FinTech Fund’s capital has increased to $105 million, compared to $85 million when it launched in March 2022.
It was also stressed that the fund encouraged attracting foreign investments directed to this vital sector, as every dollar the fund invested in the Egyptian market encouraged attracting 5 dollars from foreign investors in those companies.
This statement came after the fund’s management changed, as the task was assigned to Development Partners International, a company specializing in attracting new foreign investments to the entrepreneurship sectors in financial technology.
This Enclosed Fund is part of the CBE’s strategy to support innovation and financial technology, and aims to enhance financial inclusion and achieve growth rates in the banking sector.
Tribe Techie further learnt that Enclosed Fund was established with the contribution of a group of major banks in Egypt, such as the National Bank of Egypt, Banque Misr, and Banque du Caire.
In addition, there were specialized companies such as the Egyptian Banks Company, E-Finance Group for Financial and Digital Investments, and MasterCard.
The Enclosed Fund directed its first investments in 2022 to 4 companies, namely: Khazna, an Egyptian technology company specializing in electronic financial solutions through the comprehensive Khazna application, and the Lucky application to provide financial services technology in Egypt, as it provides electronic payment services, installment offers, and cashback.
Investments were also directed to Mozare3, an agricultural technology startup that aims to digitize the agricultural sector in Egypt and the Middle East through a smart application that meets the financial and non-financial needs of farmers. This is in addition to Paymob, which was founded in 2015 and operates as a provider of integrated electronic payment solutions in Egypt, Africa, and the Middle East.
