FinTech Egypt releases its FinTech Investments-focused H1 2022 Landscape Review “Why Egypt is a promising market for FinTech Investments?”
19 June 2022
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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.
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