06 Apr 2022

Fintech investments have surged by 300% YoY in 2021 according to FinTech Egypt’s annual industry report. FinTech Egypt is an initiative founded by the CBE (Central Bank of Egypt). Venture capital investments in the fintech industry have shot up significantly in recent years, with 112 current startups compared to only 2 in 2014. This places Egypt in the top four most active African countries in this industry. Some of the factors that supported growth in the Fintech industry are huge improvements in financial inclusion, with the level currently at 56%, coupled with a similar level of mobile internet usage. Startup incubators and accelerators have also boosted industry growth, as well as clear interest from investors in the industry’s potential. The report said that USD250mn have been invested in the industry in the past five years, with investments rising from USD0.9mn in 2017 to USD159 in 2021. The number of deals went up from 3 in 2017 to 32 in 2021. Furthermore, almost half of the startups are planning to raise further seed funding to grow, indicating that more opportunities still exist in this nascent industry. Source: State Information Service (English), Zawya (English), Egypt Today (English), al-Maal, Amwal al-Ghad, al-Ahram, al-Youm al-Saabe, Akhbar al-Youm, Masrawy)