EBC announces its investment contribution in Egypt’s first Fintech Innovation Fund, led by State Banks for 85 million – جريده المال March 22, 2022
Egypt’s largest national banks, Banque Misr, National Banque of Egypt, Banque Du Caire, and Global Ventures, a leading MEA-focused venture Capital, announced yesterday the launch of “Nclude” fund.
EBC’s contribution in Nclude Fund comes in line with its strategic emphasis on accelerating the adoption of e-payments via supporting innovation and youth’s entrepreneurship. The fund has already made its first investments in Khazna, Lucky, Mozare3 and Paymob.
Commenting on the news, Tarek Raouf, EBC’s Executive Chairman and CEO stated, “the CBE has already paved the way for exploiting investments in support of e-payments’ growth in Egypt, via ushering legislative and regulatory changes in Egypt. EBC strongly believes that Nclude fund will serve as the key vehicle for promising start-ups to grow and scale up. With the support of state banks, EBC, the national operator of Egypt’s e-payments infrastructure, and other key players in the payments ecosystems, the fund empowers innovation and youth in Egypt.”