FinTech start-ups in Egypt could soon have access to 1 billion Egyptian pounds (approximately US$57-million) after the country's government set up fund via the Central Bank of Egypt (CBE). According to the CBE the fund will support research into FinTech as well as start-up companies focused on digital finance. The objective is to position Egypt has a regional centre for electronic financial services said the finance institution. Hussein said the CBE is striving to ensure the development of financial technology in Egypt by creating a financial technology unit. The main challenges facing FinTech start-ups include funding, the ability/ capacity to create partnerships with banks and reaching the unbanked sector.

Source: The North Africa Journal March 20, 2019 06:45 UTC