Central Bank of Egypt sets $57mn fund

Egypt is the fastest growing startup ecosystem by the number of deals that took place in 2018 compared to 2017. It has a budding transportation and logistics startup scene, with success stories like Swvl and Halan. As with most countries, startups that solve a logistical problem are often followed by FinTech startups that work to provide a more secure, advanced and easier way of working for the finance sector.

In a recent announcement by Ayman Hussein, Deputy Governor of Central Bank of Egypt in charge of Payment Systems and Information Technology, said that the bank is striving to support the development of FinTech in Egypt through the creation of a dedicated unit.

The government will be setting up a fund worth 1 billion Egyptian pounds via the Central Bank of Egypt, primarily for FinTech startups. The objective is to support research into FinTech along with companies focused on digital finance.

Hussein also said, "We are also creating a new application laboratory for innovative financial technologies which would be used to test new applications.” In addition, he spoke about plans to launch a cybersecurity centre for the banking sector by the end of 2019.

Read more about the fund and CBE’s plans here.