Rami Aboul Naga, Deputy Governor of the CBE, witnessed the signing ceremony of the agreement to assign the fund's management to DPI.
This partnership is expected to attract more new foreign
investments in the Egyptian FinTech sector. It aligns with the fund's ambitious
vision to become the largest FinTech funding vehicle regionally, with a target
capital of $150 million.
The "Include" FinTech Fund has played a significant role in encouraging and attracting foreign investments to this vital sector. Its investments in Egyptian startups have successfully leveraged five times that amount in additional funding from foreign investors.
Aboul Naga stated that Egyptian banks' contribution to the "Include" fund reflects the banking sector's keenness to invest in emerging FinTech fields. He added that this investment helps keep pace with global developments in these promising areas, particularly by creating a supportive environment for FinTech entrepreneurs to launch their applications in the Egyptian market, thereby aiding the achievement of targeted financial inclusion rates.
The Include Fund launched with contributions from leading Egyptian banks, including Banque Misr, National Bank of Egypt, and Banque du Caire, alongside e-finance, Mastercard, and Egyptian Banks Company for Technological Advancement. This initiative aligns with the CBE's FinTech and Innovation Strategy, where funding is a key pillar. The fund also aims to nurture young talent and direct investments toward FinTech startups and their supporting industries, whether local or international companies planning to operate in Egypt.