Egyptian Banks Set Up Fintech Innovation Fund

Egypt's three biggest state-owned banks are setting up an $85M financial technology (fintech) fund. The fund's goal will be to accelerate innovation in the sector. Banque Misr, National Bank of Egypt, and Banque du Claire will be initial and critical investors as the fund seeks to attract additional participation from regional and international investors. ‍

First steps. The fund made preliminary investments in four companies.

• Khazna -  Financial app that provides products to underserved consumers.
• Lucky - Offers installments, cashback rewards, and credit to consumers.
• Mozare3 - Provides small farmers with input financing, markets, and tech support.
• Paumod - A digital payment provider.

Telling it like it is -  A wonderful thing about our interconnected world is you never know when the next Paypal just got funding in Egypt and will change the shape of business within the next five years. It’s always fun to pay attention to the possibility.