Three Egyptian banks to launch $83m fintech fund

Three Egyptian banks, including Banque du Caire, will launch this month a fintech fund estimated at around $83 million amid increase in investment in Egypt’s fintech industry.

Banque du Caire is joined by National Bank of Egypt (NBE) and Banque Misr to carry out the initiative, Rasha Negm, Assistant Sub-Governor Information Technology at NBE indicated.

Negm noted that Egypt has grown rapidly in the field of fintech over the past few years, as investments in the field soared over 300%.

Banque du Caire, he explained, has realized the importance of fintech which led to the launch, in March 2019, of its digitalization strategy, a strategy aimed primarily at boosting financial inclusions.