To support technological innovation, Banque Misr, Al-Ahly Bank and Banque du Caire announce investment in the “Enclose” fund for financial technology

million US dollars in financing the fund, and among other investors, “E Group The Fund is expected to attract additional investments from prominent regional and international investors, which will make it the largest investment platform for emerging companies operating in the financial technology sector and the sectors feeding them in Egypt and In the Middle East and Africa region, in addition to investing in start-ups, the fund will be supported by the global company Shipyard Technology Ventures – which is providing its high-tech capabilities to the Egyptian market to help establish new FinTech companies.

(The Fund directed its first investments to four companies, namely:

Khazna: An Egyptian startup that provides financial services through a mobile application for middle-income and low-income people in Egypt)
“Lucky”: It is considered one of the leading financial technology applications in Egypt, offering different installment methods, offers, rewards and cashback for more than 8 million users.

“Mozare3” farmer: It is an electronic platform specialized in agricultural financial technology, and it works to serve the agricultural and food sector by supporting and cooperating with farm owners

“Paymob” : It is considered one of the leading means of payment services Digital, which aims to facilitate electronic payments and enable many companies and commercial projects to accept payments in the appropriate ways for them and their customers wherever they are.

On this occasion, Mr. Tarek Amer, Governor of the Central Bank of Egypt

said this step comes in light of President Abdel Fattah El-Sisi’s directives to support and sponsor innovative youth in the emerging financial technology fields and the technological sectors that feed them, and in implementation of the Central Bank’s strategy for financial technology and innovation Which aims to create a supportive climate for the financial technology industry, and work to enable more innovative financial technology applications capable of providing and delivering banking and financial services to all segments of society more easily and at less cost, as an important step on the path to achieving the targeted digital transformation, and transforming Egypt into a center

The strategy is based on many integrated axes, which are to support cadres of financial technology entrepreneurs, provide a stimulating legislative and regulatory environment for the financial technology industry, and work to meet the demand side of technology services. financial technology, in addition to the axis of targeting increasing funding for emerging financial technology projects, which is one of the most important challenges As interlocutors.

Mr. Mohamed El-Etreby, Chairman of Banque Misr, said:

“Bank Misr’s contribution to this fund reflects our commitment to keeping pace with global developments. In the field of financial technology, it is the future of banking and financial services in Egypt and the world. This fund will achieve many gains for the Egyptian economy, by supporting young talents in the financial technology sector inside the country, and creating an ideal environment that enables them to develop innovative solutions that contribute to providing banking and financial services to all segments of society, in a more efficient and affordable manner.”

El-Etreby added, “This is an important step to transform Egypt into a regional hub for the financial technology sector in the Arab and African region. The fund will also help raise the rates of financial inclusion and accelerate the pace of digital transformation in Egypt, which is considered a cornerstone of Egypt’s vision

.”

On his part, Hisham Okasha, Chairman of the Board of Directors The National Bank of Egypt said that the Encloud Fund aims to sponsor emerging financial technology companies, especially in their early stages, and promising talents in the field of financial technology, as one of the entities capable of achieving gains for the Egyptian economy, in addition to creating the appropriate environment to attract and nurture talent and settle them in the Egyptian market to provide innovative applications in this field. Supporting innovation in the digital banking and financial services sector to reach all segments of society more easily and at less cost in order to enhance the principle of digital transformation and enhance financial inclusion, which comes within the framework of the leading role played by the Central Bank of Egypt to support innovation in the financial technology sector and the sectors that feed it to achieve the objectives of The State and Egypt’s Strategy 2030 In line with the National Bank of Egypt’s strategy on digital transformation.

In the same context, Mr. Tarek Fayed, Chairman and CEO, added to Banque du Caire, saying:

“The launch of the fund provides unique and distinct opportunities, as financial institutions partner with investors and entrepreneurs to find new financial technology solutions, noting that these solutions are not limited to improving Not only the quality of current services, but also contributes to the development of new services, by using the latest technologies that are based on information technology, to attract people who do not benefit from banking services.”

“The participation of the three banks, as entities A major investment in this fund, a strategic developmental dimension that will benefit the Egyptian economy as a whole, and transform the country into a regional center for innovation in the financial technology sector, in line with the visions and directions of the Central Bank of Egypt.”

Commenting on this partnership, Bassel Moftah, Partner in Global Ventures, said:

“We would like to thank all the investors in this fund, and thank them for their trust. Over the past few years, we have had the privilege of partnering with many entrepreneurs in the Middle East and Africa, with a particular focus on the Fintech sector and Egypt as a high priority market.”

“Egypt enjoys With a huge young population that does not benefit from banking services, with an economy dominated by cash transactions, which provides great opportunities for local and regional companies operating in the financial technology sector and its feeding sectors, which are witnessing an accelerated growth in the market. In this regard, we look forward to partnering with all parties based in the field of entrepreneurship in order to continue efforts aimed at supporting this growth, and transforming Egypt into a distinguished regional center for innovation in the field of financial technology.”

For his part, “Over the past few years, Egypt has made a quantum leap to become a vibrant home for entrepreneurship, specifically in the field of financial technology, thanks to Contemporary laws and government decisions and growing partnerships with financial institutions. Fintech startups are expected to play a pivotal role in the digital economic transformation and support the plan to expand financial services in Egypt.”

He added, “We are grateful for the opportunity to partner with the largest Egyptian national banks and the most prominent technology companies.” Local financial institutions such as “e-finance” and “Egypt Banks Company”, in addition to international investors, which will provide an opportunity to provide aspiring entrepreneurs with the tools necessary to achieve success and competition at the local, regional and global levels, and contribute to the social and economic development of Egypt.”