Tracking the growth of FinTech in Egypt
Cash is king in Egypt, with most of the transactions, including salary payments, are made in cash. With one of the lowest banking penetration rates in the world, it has its fair share of trust and banking innovation issues.
As with any country, the development of the financial sector plays a vital role in economic growth and creation of jobs. Egypt has a youth unemployment rate of more than 30 per cent.
Making financial services accessible to everyone is a cornerstone of financial inclusion.
Making financial services accessible to everyone is a cornerstone of financial inclusion. Fawry, an e-payment provider, has done just that. It has hundreds of thousands of locations where people can make financial transaction. However, while they have become popular with a large consumer base, other FinTech startups in the country are struggling.
Central Bank of Egypt has been actively taking steps towards the advancement of the financial sector and has introduced several new initiatives and regulations, along with an EGP1 billion ($58 million) FinTech fund for startups.
Read more about it here.