GRANITE received the Financial Regulatory Authority’s (FRA) green light to launch a multi-currency fixed-income fund, the technology-forward asset management company said in a statement (pdf). The upcoming GRANITE money market fund will kick off with an EGP-denominated issuance, which will be carried out in partnership with Naeem Holding.

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The company leverages “technology to offer innovative, client-centric products and solutions that transform idle liquidity into financial power for individuals and corporates alike,” according to founder and CEO Hisham Akram. The planned fund will invest only in Egyptian treasury bills and government securities, which it says will protect investors from credit risk while offering better returns than bank deposits, tax-free returns for corporates, and a fully liquid option for individuals with daily returns.

GRANITE is also getting ready to launch fully digital money market accounts, which it says will be “a pivotal first step in introducing the simplest and most effective way for users to maximize returns on their liquid cash.” The FRA is currently reviewing the company’s digital license application ahead of its planned digital money market account launch. Later down the line, the company is also planning to apply for a license from the FRA for an upcoming USD fund before the end of 2025.

It’s all connected: “We are building the cash layer Egypt has been missing. GRANITE comes to market with a fully digital Money Market Account. The MMF is chapter one, and the MMA launches next with a direct sweep to and from the fund. Link your GRANITE MMA to your bank accounts, move money in seconds, and capture the higher MMF yields through a seamless experience,” Akram told EnterpriseAM. “Onboarding is digital in under three minutes. You get higher daily returns on cash than a typical bank account, all inside a simple app experience.”

Products like GRANITE are essential for making our financial inclusion targets reality. “Traditional banking alone will not deliver inclusion at scale,” Akram said. “A fully digital, secure experience brings people and businesses in quickly, offers better service, and delivers higher returns. That is our ethos. Better products that promote financial inclusion and engagement while channeling more savings into regulated money market instruments to deepen the capital market,” he added.

The long-term plan: Following the launch of the USD fund, the company plans to launch a debit card and third-party payment solutions, allowing clients to pay bills while earning “superior returns,” Akram told us.

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