- The partnership supports the Central Bank of Egypt’s vision to establish Egypt as the innovation center for fintechs across the Middle East and Africa region
Cairo, Egypt – Mastercard 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 – to further grow Egypt’s vibrant fintech ecosystem and support the country’s digital transformation journey. The partnership will deepen financial inclusion across Egypt by investing in promising early and growth-stage fintech and fintech-enabled companies.
The announcement builds on Mastercard’s commitment to support the government’s efforts and favorable regulations aimed at transforming Egypt into a digital, financially inclusive society by harnessing the power of technology.
“Our contribution to Nclude stems from our long-standing commitment to accelerate the country’s digital transformation, drive financial inclusion and strengthen Egypt’s position as an innovation hub for the fintech industry in the wider region,” said Khalid Elgibali, Divisional President, Middle East. and North Africa at Mastercard. “We see a new door of opportunity in our collaboration with the Nclude fund, where Egyptian fintechs can be offered an enabling environment to achieve their full potential.”
“Mastercard’s global platform and commitment to fintech is a great complement to the Nclude strategy. We are very excited to welcome their global expertise to the entrepreneurial ecosystem in Egypt,” said Basil Moftah General Partner at Nclude.” Fintech and fintech-enabled companies are witnessing exponential growth in the market, and we look forward to working with Mastercard to continue to drive this up. growth and positions Egypt as a regional competence center for fintech innovation.”
The Central Bank of Egypt (CBE) is leading a vision to position the country as an innovation hub for fintechs across the Middle East and Africa by upskilling youth to close talent gaps, improve access to capital and develop technology infrastructure. This effort is aimed at rapidly increasing the degree of financial inclusion for the benefit of all Egyptians, just over 56% of whom are included in the formal economy. It also focuses on filling the huge lending gap for SMEs in Egypt, as well as raising the quality of financial services offered in the country to businesses and individuals.
“Having Mastercard invest in Nclude is definitely a milestone for us. This fund will enable us to support entrepreneurs in Egypt’s vibrant startup ecosystem that drive fintech innovation and help transform the country into a digital and financially inclusive economy,” said Eslam Darwish, founder of Nclude. “The partnership with Mastercard will also help us provide aspiring founders with the tools they need to succeed and compete locally, regionally and globally.”
“We are delighted to partner with the Nclude Fund in continuing our efforts to increase financial inclusion in key markets such as Egypt, underscoring our global goal of connecting one billion people to the digital economy,” said Adam Jones, Country Head of MENA Central . at Mastercard. “Through this partnership, we aim to strengthen Egypt’s rapidly developing fintech ecosystem to provide individuals and businesses with access to high-quality financial services, thereby promoting the growth of the country’s digital and formal economy.”
Launched in March 2022 following approval by the CBE, Nclude initially saw an investment of $100 million from the 3 national banks as well as the Egyptian Banks Company (EBC) and eFinance. With Mastercard, a pioneer in promoting financial inclusion in Egypt and the world, joining, the Nclude Fund is fast becoming a go-to fund for fintechs looking to expand their operations and services.
Mastercard’s dedication to supporting financial inclusion globally saw the company pledge to connect 1 billion people and 50 million micro and small businesses, including 25 million female entrepreneurs, to the digital economy by 2025.
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About Mastercard
Mastercard (NYSE: MA), www.mastercard.com
Mastercard is a global technology company within the payment industry. Our mission is to connect and drive an inclusive, digital economy that benefits everyone, everywhere by making transactions safe, easy, smart and accessible. Using secure data and networks, partnerships and passion, our innovations and solutions help individuals, financial institutions, governments and businesses realize their greatest potential. Our decency quotient, or DQ, drives our culture and everything we do inside and outside our company. With connections across more than 210 countries and territories, we are building a sustainable world that opens up invaluable opportunities for all.
About Nclude
Nclude, www.nclude.com
Nclude is a venture capital investment platform for fintech innovation. Founder-centric in design, it supports early- and growth-stage entrepreneurs tackling financial inclusion and enables their success by providing a full-stack support ecosystem for fintech and fintech-enabled startups in Egypt and the Middle East and Africa region.
