(Ecofin Agency) - In Egypt, before the end of 2018, some local banks in association with international financial institutions will set a fund to finance Egyptian fintech.  

According to local media sources, Banque du Caire will invest LE50 million in the fund. As far as Banque Misr, National Bank of Egypt and the European Bank for Reconstruction and Development are concerned, the amount each of them will invest has not been disclosed. In addition, the access procedures have not been revealed yet.  

Let’s remind that the fintech sector is strongly growing in Egypt. In H1, 2018, it was the most dynamic in Africa with €95 million raised and 25 agreements signed, according to information reported by WeeTracker.

During that period, Egyptian startups were the third on the continent in terms of number of agreements signed, behind Kenya and Nigeria.

Chamberline Moko