Egypt’s largest national banks, Banque Misr, National Bank of Egypt, and Banque du Caire, Egypt’s Banque Misr, have partnered with Global Ventures to launch a new fintech venture fund called Nclude. The Nclude Fund, managed by MEA-focused venture capital firm Global Ventures, follows approval from the Central Bank of Egypt (“CBE”).
The initial amount, which equates to an $85 million investment in the fund, is cited by Banque Misr as anchor investor and National Bank of Egypt and Banque du Caire as strategic investors. Other investors include eFinance Investment Group and Egyptian Banks Company. The fund is also expected to attract further investments from prominent regional and international investors.
The fund will accelerate fintech innovation and drive financial inclusion. It implements the country’s strategic vision of supporting young innovators in building the Egyptian economy of the future.
The fund is part of an implementation of the country’s strategic vision to support young innovators who will build Egypt’s economy of the future. Global Ventures’ Nclude will focus on accelerating fintech innovation and driving financial inclusion.
The fund is also expected to attract further investments from prominent regional and international investors. The fund has already made its first investments in four startup companies, including Khazna, a financial super-app that offers underserved consumers practical, tech-driven financial solutions, and Luckyy, Egypt’s leading consumer fintech app that offers installments, deals, cashback – Bonuses and more offers credit.
The other two companies include Mozare3, which means farmer in Arabic, an agri-fintech platform that offers small farmers direct access to inputs, markets and hands-on technical support, and Paymob, a leading provider of digital payment services.
In addition to investing in existing start-ups, the fund will be backed by Shipyard Technology Ventures – a global venture builder – who are bringing their world-class development capabilities to the Egyptian market to help launch fintech start-ups that support local and use regional opportunities.
in an opinion, The Governor of the Central Bank of Egypt Mr. Tarek Amer said: “This move is an implementation of President Abdel Fattah El-Sisi’s policies to support innovative young people in the fintech and fintech-enabled sector and CBE’s FinTech and Innovation Strategy, which aims to create an enabling environment for the FinTech industry creating and adopting more innovative FinTech solutions capable of providing banking and financial services to all sections of society more easily and cost-effectively as a crucial step in transforming Egypt into a regional hub for the FinTech industry in the Arab world and to transform into Africa.”
Mr Mohamed El-Etreby, Chairman of Banque Misr said: “Banque Misr’s contribution to this fund reflects our commitment to keep pace with the pace of global developments in fintech – as this is the future of banking and financial services in Egypt and the world. This fund will generate many gains for the Egyptian economy by supporting the country’s young fintech talents and creating the ideal environment for them to develop innovative solutions that help make banking and financial services more efficient and efficient for all parts of society to provide more affordable.
“This is an important step in transforming Egypt into a regional hub for the Arab and African fintech industry. It will also help increase financial inclusion rates and accelerate Egypt’s digital transformation, which is an integral part of the implementation of Egypt Vision 2030.”
Basil Moftah, Partner at Global Ventures said: “We are delighted with the overwhelming support of all our investors in this fund and are grateful for their trust. In recent years we have had the privilege of being part of the journey of many entrepreneurs across MEA with a particular focus on the fintech sector and Egypt as a key market.
He added: “Egypt’s vast unbanked, youthful population and cash-dominated economy presents strong opportunities for local and regional fintech and fintech-enabled companies that continue to see exponential growth in the market. We look forward to working with all stakeholders in the ecosystem to further fuel this growth and transform Egypt into a regional center of excellence for fintech innovation.”
Eslam Darwish, general partner or similarf the Include FinTech fund, added: “In recent years, Egypt has taken a quantum leap forward by becoming home to a vibrant entrepreneurial ecosystem with fintech at its core. Thanks to advancing government regulation and growing partnership with financial institutions, fintech startups are playing a crucial role in transforming Egypt into a financially inclusive digital economy through fintech innovation.”