MasterCard invests in Nclude to enhance Egypt’s fintech ecosystem

Egypt based fintech Venture Capital (VC) investment platform Nclude has raised undeclared investments from MasterCard to accelerate Egypt’s fintech ecosystem, support digital transformation and increase the country’s financial inclusion.

The fund focuses on developing fintech field in Egypt by investing in the promising start-ups, according to MasterCard’s statement on Wednesday.

The cooperation is part of MasterCard’s strategy to support government’s efforts and regulations aimed at transforming Egypt into an inclusive digital society, the statement added.

The collaboration with Nclude fund is a promising opportunity to create an enabling environment for fintech companies to achieve their potentials, said the division president MENA at MasterCard, Khalid Elgibali.

Nclude is looking forward to support fintech’s growth in Egypt and enhance country’s position to be a regional centre of excellence in fintech innovations, added the general partner at Nclude Basil.

Nclude was launched in partnership with three leading national banks in Egypt; Banque Misr, National Bank of Egypt (NBE) and Banque Du Caire.