In line with the Central Bank of Egypt’s endeavors to endorse the FinTech industry and provide a full- fledged understanding of the developments witnessed in this vital sector, FinTech Egypt – an initiative by the CBE - has released "Egypt's FinTech Landscape Report 2023", instrumented thoroughly by a combination of suitably designed surveys directed to more than 250 organizations from the FinTech ecosystem; including 177 FinTech & FinTech-enabled startups and Payment Service Providers (PSPs), 36 Investors, Accelerators and Incubators, 36 Banks, and 4 National Financial Infrastructure Providers and Payment System Operators (PSOs), in addition to, a number of Regulatory and Government Entities enabling this industry.
The report revealed that the Egyptian FinTech Investments hit a milestone in 2022, whereas FinTech and FinTech-enabled startups, and PSPs had successfully attracted a total of USD 796.5 million, where private equity investments summed up to USD 437.7 million, in addition to a total of USD 358.8 million venture capital investments which have been multiplied by 28.7 times, in the past 3 years. Additionally, the report showed that the FinTech industry in Egypt has witnessed a lot of traction from regional and international investors, especially from year 2020, representing almost 50% of total surveyed investors.
The Egyptian FinTech Startup ecosystem has expanded by more than 5 times in the past five years, reaching a total of 177 startups and PSPs, in more than 14 innovative FinTech sub-sectors, where 30% of the latter have grown substantially and expanded to regional and global markets.
The report also sheds the light on the significant role performed by the banking sector in supporting the FinTech and FinTech-enabled startups in Egypt to grow at a fast pace, through setting up the essential financial infrastructure, or by entering into partnerships with them, or by injecting direct and indirect investments into the Egyptian FinTech startups, with a total equivalent to USD 290 million in 2022.
The accomplishments of FinTech and FinTech-enabled startups throughout the previous year represent the outcome of productive efforts exerted by the Egyptian Regulatory and Supervisory Authorities, derived from the framework of collaboration and integration between all stakeholders, through developing policies and regulatory legislation, or via launching supportive and enabling initiatives to become alluring to the FinTech ecosystem.