Tagged: egypt

Egyptian Central Bank Provides New Guidelines for Opening Bank Accounts for Individuals and SMEs, Aimed at Enabling Financial Inclusion

The Central Bank of Egypt (CBE) has reportedly issued updated guidelines and instructions that will allow local residents and small businesses to open certain types of bank accounts under various terms and conditions. The CBE sent a letter to local banks in which it noted… Read More

Banque Misr, a Major Egyptian Commercial Bank, to Launch Standalone Digital Banking Platform in 2021

Egypt’s Banque Misr, which is the nation’s second-largest commercial bank, is reportedly planning to launch an all-digital or digital-only bank during the third quarter of 2021. Akef El Maghraby, the Vice Chairman of Banque Misr, confirmed that the digital banking platform would go live next… Read More

Egypt’s Financial Regulatory Authority Approves Draft of Laws to Regulate Fintech in Non-Banking Financial Sector

The Financial Regulatory Authority’s (FRA) Board of Directors in Egypt has reportedly approved a draft law that aims to regulate and support the use of Fintech services in the non-banking financial sector. Mohamed Omran, Chairman at the FRA, noted that the approval will aim to… Read More

Egyptian Digital Payments Provider, Fawry, Experiences Record Growth Following COVID-19 Outbreak

Fawry for Banking & Payment Technology Services SAE, an Egyptian digital payments provider, was listed on Cairo’s exchange about a year back. The company recently experienced a 300% increase in its market value to 20 billion Egyptian pounds (appr. $1.3 billion). The payments firm confirmed… Read More

Digital Transformation: Egypt’s Largest Bank Inroduces New Services to Support Virtual Banking following COVID-19 Outbreak

The National Bank of Egypt (NBE), the country’s largest banking institution in terms of total assets, number of branches and employees, has introduced several services via its Al Ahly Net and NBE mobile app, in order to support its digital banking strategy. Hisham Okasha, chairman… Read More

Cairo Fintech Paymob Allows SMEs to Launch E-Commerce Sites, Add Online Payments via Digital and Offline Channels

Cairo-headquartered payment company, Paymob has acquired $3.5 million in capital through an investment round that was led by Dubai’s Global Ventures and the Dutch Entrepreneurial Development Bank FMO. Existing investor A15 also took part in the round. Established in 2015 by Islam Shawky, Alain El… Read More

Fintech Expert Mohamed Okasha from Egypt Says Country Needs More Specialized Funds Specifically for Financial Tech Development

Cashless transactions continue to rise globally due to the COVID-19 outbreak, which has forced many world governments to enforce lockdowns and introduce safe distancing measures. Fintech expert Mohamed Okasha, co-founder and ex-managing director of Egypt-based Fawry Banking and Payment Technology Services, introduced a $25-million “Disruptech”… Read More

Cairo based Fintech MoneyFellows Secures $4 Million in Capital via Series A led by Partech, Sawari Ventures

Egyptian Fintech firm MoneyFellows has secured $4 million in capital through a Series A round from Paris-based global VC company Partech and Sawari Ventures, an international VC investor. The investment has come after MoneyFellows acquired more than $1 million in funding via a pre-series A… Read More

Dubai’s Tpay Mobile Acquires Payguru, a Turkish Payments Company that Supports Mobile Transactions

Dubai-based Tpay Mobile, a mobile payment provider, has reportedly acquired Payguru, a Turkish payments company. The amount paid for the acquisition has not been disclosed. Payguru supports mobile payments, ATM cash payments, and standard bank transfer services. The company has integrated its platform with three… Read More

Buy Now Pay Later Fintech Shahry Acquires $650,000 in Seed Funding from Egyptian Gulf Holding for Financial Investments

Egypt-based online lending firm Shahry has acquired $650,000 in capital through a pre-seed investment round, in order to grow its existing loan portfolio and further expand its operations. The funding was provided by Egyptian Gulf Holding for Financial Investments, the investment division of the Egyptian… Read More

Banking Software Developer Temenos Reveals that the Egyptian National Post Organization will be Using its Technology

Banking software developer Temenos (SIX: TEMN) revealed on December 3 that the Egyptian National Post Organization (ENPO) has chosen its cloud-native, cloud-agnostic Temenos T24 Transact, which is described as “the next generation in core banking.” ENPO has also selected Temenos Infinity, an omnichannel online banking… Read More

Egyptian Central Bank Introduces Legislation to Replace Ban and Require Licensing of Cryptocurrency Enterprises

The Central Bank of Egypt (CBE) has drafted a bill to allow its Board of Directors to create rules that would require all individuals, companies and/or platforms dealing in or issuing cryptocurrencies to be licensed, The Egyptian Independent reports. The rules would supplant a “fatwa”… Read More

Temenos Looks to Boost Fintech in Egypt with AUC Venture Lab Fintech Accelerator Partnership

Fintech software provider Temenos (SIX: TEMN) has partnered with The Venture lab at The American University in Cairo (AUC Venture Lab) a prominent startup accelerator in Africa and the MENA region. Temenos will support Fintech innovation in Egypt by providing startups with access to their core… Read More

Singapore and Egypt Work to Boost Fintech as Monetary Authority of Singapore and Central Bank of Egypt Sign Co-operation Agreement

The Monetary Authority of Singapore (MAS) and the Central Bank of Egypt (CBE) have announced a cooperation agreement to boost Fintech innovation between the two countries. MAS has initiated many of these bilateral agreements and is core to their strategy of being a global Fintech… Read More

Updating the Alumni Fundraising Space: GiveCampus Crowdfunding

Do you often get phone calls and mailers from your college alma mater asking for donations?  I do, and as a recent grad, I wonder how much help I really contribute with my puny annual $5-10 donation.  Enter crowdfunding among alumni for high school and… Read More

Egypt’s First Real Estate Crowdfunding Platform Explores the Future of Real Estate Investing; Exclusive Comments by CTO Nadin Mustafa

  AqarFunder, the first online real estate crowdfunding platform in Egypt, welcomes investors to a bright future for real estate crowdfunding—one that includes a 15-25 percent total return. The Cairo-based company, with an office near the banks of the Nile, leverages technology to connect private… Read More

Crowdfunded Film “The Square” Nominated for Oscar (Video)

Crowdfunded on Kickstarter where the film raised $126,020 on a $100,000 goal this past March, The Square has been nominated for the Oscar for Best Documentary Feature. This is the first Academy Award Nomination for creators Jehane Noujaim and Karim Amer. The documentary film follows the events… Read More

New Crowdfunding Platform Shekra Supports Startups in Egypt

New joint investment concept “Shekra” is drawn from the Arabic phrase “sherik fekra” in Arabic, which means “share an idea.” The platform was launched in Cairo last November by seven founders who come from backgrounds in technology, aviation, investment and banking, who have pooled their resources to… Read More

Funding the micro-entrepreneurs (Egypt)

Scattered in small workshops throughout Cairo, some micro-entrepreneurs have long struggled to find customers to purchase wares such as mechanical sunshades, clay pottery coolers and printing presses. Now some of them are turning to the crowd-funding site Yomken, which launched in Egypt in October, to… Read More

Islamic crowd funding portal launched in Egypt

A new web portal launched in Egypt says it is the first crowd funding service in the country that obeys the principles of Islamic finance. Crowd funding allows large numbers of investors to become shareholders in a project by contributing very small amounts of money,… Read More

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