Finance

Egypt’s public banks launch $85mln funds in support to the fintech industry

Egypt’s public banks launch $85mln funds in support to the fintech industry
Tuesday, 22 March 2022 12:22

The National Bank of Egypt, Banque du Caire, and Banque Misr announced this week they have launched a joint fund -NClude- to support the fintech industry in Egypt. The public banks say they seek to raise $85 million under this initiative, which has already received approval from the Central Bank (CBE).

NClude will be managed by Abu Dhabi-based Global Ventures. It will focus on fintech startups in the Middle East and Africa, an official statement revealed. Tarek Amer (pictured), CBE Governor, explained that this new initiative is spurred by President Abdel Fattah Al-Sisi’s directives to “support and sponsor innovative youth in the emerging financial technology fields and the technology sectors that feed them.”

“The CBE’s strategy for financial technology and innovation aims to create a supportive environment for the financial technology industry, as well as enable more innovative financial technology applications to provide and deliver banking and financial services to all segments of society more easily and at less cost,” he said.

The fund has received several commitments including $30 million from the National Bank of Egypt and $25 million from Banque du Caire. E-finance Investment Group Holding, a firm that has as strategic partners the three public banks, said it will invest $10 million in NClude:  33% of the amount will be available immediately and the remainder will be provided quarterly over the next 4 years.

NClude's portfolio already includes 4 companies, the most recent of which, Lucky- an Egyptian fintech that offers various financial facilitation services, has received a $25 million commitment. The fund expects to be fully invested within the next 5 years, with an average duration of 10 years in each investment.

On the same topic
(EBID) - The Board of Directors of the ECOWAS Bank for Investment and Development (EBID) held its 92nd Ordinary Session on June 30, 2025. The Board...
• The IMF approved a $261.9 million disbursement under DR Congo’s credit program• Economic growth hit 6.5% in 2024, driven by the extractive sector•...
• Ghana’s Parliament approved a $360 million loan from the World Bank’s IDA• The funds will help pay road sector arrears, support vulnerable groups,...
(AMETRADE) - The 15th edition of the annual Africa PPP Summit (#APPP2025) is set to take place on 28 – 31 October 2025 at Hilton Hotel, Windhoek, Republic...
Most Read
01

Lebara Group is now bringing its affordable and reliable mobile services to Africa, starting with Ni...

Telecoms: Lebara Enters Nigerian Market with Strong Competitive Ambitions
02

Transport and food prices have been climbing steadily across Africa in recent years. In Côte d’Ivoir...

Côte d’Ivoire’s Fuel Price Cuts Haven’t Slashed Transport Costs–Yet
03

• BOAD releases CFA10 billion ($17.8 million) to support Boungou and Wahgnion gold mines.• Burkina F...

BOAD Grants CFA10 Billion to Revive Boungou and Wahgnion Gold Mines in Burkina Faso
04

In a West African financial landscape marked by tighter regulation of the fintech sector, digital fi...

In Five Years, Francophone Africa Will be A Major Force in African Tech –Régis Bamba
05

• Maritime sector faces renewed risks amid military tensions in the Middle East• Blockade fears at S...

Israel-Iran conflict raises new threats for global shipping and oil trade
Enter your email to receive our newsletter

Ecofin Agency provides daily coverage of nine key African economic sectors: public management, finance, telecoms, agribusiness, mining, energy, transport, communication, and education.
It also designs and manages specialized media, both online and print, for African institutions and publishers.

SALES & ADVERTISING

Benjamin FLAUX
bf@agenceecofin.com 
Téls: +41 22 301 96 11 
Mob: +41 78 699 13 72
Média kit : Download

EDITORIAL
redaction@agenceecofin.com

More information
Team
Publisher

ECOFIN AGENCY

Mediamania Sarl
Rue du Léman, 6
1201 Geneva
Switzerland

 

Ecofin Agency is a sector-focused economic news agency, founded in December 2010. Its web platform was launched in June 2011. ©Mediamania.

 
 

Please publish modules in offcanvas position.