Egypt’s central bank to create fintech investment unit before year-end

Egypt’s central bank plans to launch a holding company focused on managing its investments in fintech before the end of this year, said sub governor Ayman Hussein on Sunday.

As new technology continues to play an ever more crucial role in banking, there is a huge opportunity for the Central Bank of Egypt (CBE) to promote more innovation.

The new company will have authorised capital of 2 billion Egyptian pounds approximately ($122.8 million) and a paid-up capital of 500 million, Hussein told Amwal Al Ghad.

It will manage CBE’s investments in financial technology and promote innovation, he added.

“The new company will also run the CBE’s anticipated innovation fund – whose capital will be 1 billion pounds – designed to create a vibrant eco-system and environment for entrepreneurship in Egypt,” Hussein said.

“It will act as a fintech hub for Egypt’s financial technology system,” he said.