Mastercard invests in Nclude to strengthen Egypt’s Fintech ecosystem

include, a fintech-focused VC investment platform, has sourced investment from MasterCard to strengthen its mission to help tackle financial inclusion in Egypt.

Mastercard’s strategic investment in Nclude will support early- and growth-stage fintech and fintech-enabled companies to grow their operations and services.

Nclude was launched in March 2022 after approval by Central Bank of Egypt (CBE) has already attracted $100 million in investment from three national banks— Banque Misr, National Bank of Egyptt and Banque Du Caire – plus Egyptian Banks Company (EBC) and eFinance.

According to Mastercard, it is committed to supporting the Egyptian government’s efforts to transform the country into a digital, economically inclusive society through technology.

“Our contribution to Nclude stems from our long-standing commitment to accelerate the country’s digital transformation, drive economic inclusion rates and to 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 of opportunity in our collaboration with the Nclude fund, where Egyptian fintechs can be offered an enabling environment to achieve their full potential.”

Ncludes joy

Nclude said it is “super excited” to be working with Mastercard, as it will help give aspiring founders the tools they need to succeed and compete locally, regionally and globally.

Basil Moftah, general partner of Nclude, explains: “Mastercard’s global platform and commitment to fintech is a great complement to the Nclude strategy. 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 growth and position Egypt as a regional center of competence for fintech innovation.”

“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,” added. Eslam Darwishfounding general partner in Nclude.

Innovation hub

CBE leads a vision to position Egypt as an innovation hub for fintechs across the Middle East and Africa by upskilling youth to close talent gaps, improve access to capital, as well as develop technology infrastructure.

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.