The Central Bank of Egypt plans to invest $58m to fintech

The Central Bank of Egypt in partnership with the Egyptian government is planning to launch a $58m fund to support fintech startups. The fund will also fund research in the financial services sector thereby establishing the country as a fintech hub in the African continent. The deputy governor of the Central Bank of Egypt (Ayman Hussein), indicated that the fund is part of a strategic plan to develop fintech in Egypt given the growing demand for financial services, telecommunications, electronic payments and seamless insurance among other services that can be performed through fintech.

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