EGYPT – Mastercard, a multinational financial services corporation, has announced a strategic investment in Nclude, a fintech-focused VC investment platform launched in partnership with Egypt’s leading national banks — Banque Misr, National Bank of Egypt and Banque Du Caire.
The investment will further boost Egypt’s vibrant fintech ecosystem and support the country’s digital transformation journey.
Through investments in potential early-stage and growth-stage financial technology and financial technology-enabled enterprises, the collaboration will further broaden Egypt’s financial inclusion.
This news expands on Mastercard’s commitment to supporting the government’s initiatives and favourable policies in Egypt, which are both focused on transforming Egypt into a digital society that is financially inclusive by using the power of technology.
“Our contribution to Nclude stems from our longstanding commitment to accelerate the country’s digital transformation, drive financial inclusion rates and reinforce Egypt’s position as an innovation hub for the fintech industry in the wider region,” said Khalid Elgibali, Division President, Middle East, and North Africa at Mastercard.
“We see a new door for an opportunity in our collaboration with Nclude fund, where Egyptian fintechs can be offered an enabling environment to achieve their full potential.”
Following the Central Bank of Egypt’s (CBE) clearance, Nclude was established in March 2022, and it immediately received an investment of US$100 million from each of Egypt’s three national banks, in addition to eFinance and Egyptian Banks Company (EBC).
With Mastercard, a pioneer in improving financial inclusion in Egypt and the world, joining in, Nclude Fund is fast becoming a go-to fund for fintechs wanting to grow their operations and services.
“Mastercard’s global platform and commitment to fintech is a great complement to the Nclude strategy. We are super excited to welcome their global expertise to the entrepreneurial ecosystem in Egypt,” said Basil Moftah General Partner at Nclude.
To establish Egypt as an Innovation Hub for fintech companies across the Middle East and Africa, the Central Bank of Egypt (CBE) is spearheading a strategy to upskill the country’s young to overcome talent shortages, improve access to financing, and enhance digital infrastructure.
These initiatives are targeted at significantly raising the rate of financial inclusion to benefit all Egyptians, of which only slightly more than 56% are now incorporated in the formal economy.
In addition to this, the programme is geared toward addressing Egypt’s significant shortage of small and medium-sized enterprise (SME) loans and improving the overall standard of the country’s individual and company financial services.
“Having Mastercard invest in Nclude is a milestone for us. This fund will enable us to further support entrepreneurs in Egypt’s vibrant startup ecosystem who are driving fintech innovation and helping transform the country into a digital and financially inclusive economy,” said Eslam Darwish, Founding General Partner at Nclude.
“The partnership with Mastercard will also help us provide ambitious founders with the tools they need to succeed and compete at local, regional, and global levels.”
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