Fintech startups raise $250 million in Egypt: CBE sub governor

Fintech startups in Egypt have raised $250 million, said Rasha Negm, Assistant Sub-governor to the Egyptian central bank for Fintech, on Thursday during the African Development Bank Group (AfDB) Annual Meetings 2023.

Around 50 percent of these firms’ customers are youth, Negm added.

“If we want to develop sustainable finance within our agenda, we need to look at fintech.” the Egyptian central bank official further said.

“Digital payments and fintech are fervently serving the green economy. While improving human lives with digital payments, we also manage to come clean with energy.” said Osama Abbas, Head of Financial Services at Vodafone Egypt during the same panel.

Fintech is tech based payments through mobile applications and other technologies to help greener payments for businesses.