CAIRO: The volume of investments in fintech companies in Egypt grew by 300 percent during 2021, compared to the previous year, according to a Central Bank of Egypt report.
The amount of investment reached $159 million in 32 deals in 2021, indicating the development and expansion of emerging fintech companies operating in this field, according to a report by the bank’s Fintech Egypt platform.
Fintech startups have seen a steady increase, from two startups in 2014, to 112 companies by the end of 2021, in more than 14 innovative sub-sectors such as payments, remittances, and business markets, lending and alternative financing.
In 2017, when Egypt saw a mere three fintech investment deals of $1 million.
“The efforts made to promote fintech have resulted in creating a promising future for a promising group of fintech entrepreneurs, start-ups and Egyptian investments in this field. It is expected to witness significant growth in 2022,” Ayman Hussein, first deputy governor of the Central Bank for the Business Technology Sector, said.
“This report is expected to be a catalyst for innovation in the future, and a support for cooperation between the parties of the system,” said Rasha Negm, the head of fintech and innovation at the CBE.
Fintech Egypt issued its first report to provide a comprehensive look at the unprecedented growth that Egypt witnessed in this field over the past few years.