{"id":598265,"date":"2019-05-20T04:03:47","date_gmt":"2019-05-20T04:03:47","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2019\/05\/20\/fintech-in-egypt-has-the-potential-to-boom\/"},"modified":"2019-05-20T04:03:47","modified_gmt":"2019-05-20T04:03:47","slug":"fintech-in-egypt-has-the-potential-to-boom","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2019\/05\/20\/fintech-in-egypt-has-the-potential-to-boom\/","title":{"rendered":"Fintech in Egypt has the potential to boom"},"content":{"rendered":"

<\/a> A deep dive into the state of fintech in Egypt:<\/b> Egypt\u2019s burgeoning fintech scene could spur growth by helping bring more people and businesses into the formal economy, writes Yasmeen Nabil in Wamda<\/a>. Earlier this year, the government set up aEGP 1 bn (USD 57 mn) fund<\/a> via the Central Bank of Egypt (CBE) and the International Finance Corporation<\/a>launched a two-year program<\/a> for fintech startups. Incubators including Algebra<\/a> and Flat6Labs<\/a> consciously target the fintech sector, and EFGEV<\/a> \u2014 a dedicated fintech investment incubator run by EFG Hermes and Egypt Ventures \u2014 plans to invest in more than 30 fintech-focused startups in the coming five years. The CBE is also reportedly working on a three-year strategy that includes connecting investors with entrepreneurs and establishing a regulatory sandbox to test the environment for regulations, in alignment<\/a> with regional best practice.<\/p>\n

Driven by need and opportunity:<\/b> Financial inclusion helps to reduce poverty<\/a> and spurs growth, but according to the World Bank Global Findex database<\/a>, only 14% of adults in the Middle East had a bank account as of 2014. The mobile penetration rate in Egypt, however, is an estimated 102% and the country has some 28 mn smartphone users, not to mention a population of 100 mn (and growing). The IMF has estimated<\/a> that boosting financial inclusion could add 1% to GDP in the MENA region, with fintech offering the most significant growth avenue.<\/p>\n

But the young sector faces challenges:<\/b> Fintech Middle East has identified<\/a> around 40 players working in the sector in Egypt, including 16 startups, 10 of which they regard as highly promising. But while e-payment provider Fawry has some 20 mn customers, other fintech startups continue to struggle. Challenges include the high transaction fees imposed on e-payments by banks and payment gateways, regulatory and infrastructure problems (including poor network coverage), and a lack of fintech awareness on the part of both SMEs and individuals. Some of these challenges are being addressed<\/a>: the CBE issued new regulations for cashless payments using smartphones in 2016 to enable customers to transfer money and pay bills, and in 2017 a National Payment Council was established to encourage the move to cashless payments. However, it has been suggested<\/a> that a clearer and more accessible regulatory structure is needed to encourage widespread adoption. Raising awareness of fintech is also critical to counter the cultural preference for cash payments.<\/p>\n","protected":false},"excerpt":{"rendered":"

A deep dive into the state of fintech in Egypt: Egypt\u2019s burgeoning fintech scene could spur growth by helping bring more people and businesses into the formal economy, writes Yasmeen Nabil in Wamda. Earlier this year, the government set up aEGP 1 bn (USD 57 mn) fund via the Central Bank of Egypt (CBE) and […]<\/p>\n","protected":false},"author":1,"featured_media":598266,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[9003],"tags":[104,72,290,183,125,123,321,2397],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-598265","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-worth-reading","tag-economy","tag-enterpriseam","tag-financial-inclusion","tag-fintech","tag-investment-watch","tag-startups","tag-world-bank","tag-worth-reading","wpautop","entry"],"acf":{"mongo_id":"f70ca997-18e1-4603-805c-62208bb1c58a","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2022\/11\/328.jpg","photo_position":"above","related_issue":[598247],"teaser":"","voice_url":""},"yoast_head":"\nFintech in Egypt has the potential to boom - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2019\/05\/20\/fintech-in-egypt-has-the-potential-to-boom\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Fintech in Egypt has the potential to boom\" \/>\n<meta property=\"og:description\" content=\"A deep dive into the state of fintech in Egypt: Egypt\u2019s burgeoning fintech scene could spur growth by helping bring more people and businesses into the formal economy, writes Yasmeen Nabil in Wamda. 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Analysts polled by Bloomberg for a piece headlined Experts Predict the\u2026","rel":"","context":"In "Worth watching"","block_context":{"text":"Worth watching","link":"https:\/\/enterpriseam.com\/egypt\/category\/lifestyle\/worth-watching\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2018\/12\/1298.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":613136,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/01\/09\/fintech-startups-can-now-apply-for-temporary-licenses\/","url_meta":{"origin":598265,"position":1},"title":"Fintech startups can now apply for temporary licenses","author":"enterpriseam admin","date":"9 January 2024","format":false,"excerpt":"Fintech startups will need to meet a minimum capital requirement of EGP 15 mn to be eligible for the temporary license","rel":"","context":"In "Fintech"","block_context":{"text":"Fintech","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/fintech\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/1\/490.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":602826,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/04\/08\/ifc-launches-two-year-program-to-support-fintech-startups-in-egypt\/","url_meta":{"origin":598265,"position":2},"title":"IFC launches two-year program to support fintech startups in Egypt","author":"enterpriseam admin","date":"8 April 2019","format":false,"excerpt":"The International Finance Corporation announced yesterday it has launched a two-year program to support fintech startups in Egypt, according to a statement (pdf). The program will be implemented in cooperation with Pharos\u2019 Pride Capital \/ Startupbootcamp\u2019s Fintech Cairo accelerator program and the American University in Cairo\u2019s Venture Labs. \u201cThe two-year\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":602214,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/03\/21\/central-bank-of-egypt-to-launch-soon-egp-1-bn-fund-for-fintech\/","url_meta":{"origin":598265,"position":3},"title":"Central Bank of Egypt to launch soon EGP 1 bn fund for fintech","author":"enterpriseam admin","date":"21 March 2019","format":false,"excerpt":"The CBE is embracing fintech: The Central Bank of Egypt is planning to set up an EGP 1 bn fund to back fintech startups, CBE sub-governor for payment systems and business technology Ayman Hussein said earlier this week. The fund is part of the CBE\u2019s strategy to promote fintech, which\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":650435,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/03\/23\/prospects-looking-good-for-fintech-startups-in-mena\/","url_meta":{"origin":598265,"position":4},"title":"Prospects looking good for fintech startups in MENA","author":"enterpriseam admin","date":"23 March 2017","format":false,"excerpt":"Prospects for fintech startups in MENA are apparently looking good, with their numbers growing 50% between 2013 and 2015 to 105 companies from a 46, according to a report form Payfort and Wamda released this week. That number is expected to grow to 250 startups by 2020. 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