CBE appoints DPI as manager of Nclude FinTech Fund
Arab Finance: The Central Bank of Egypt (CBE) has approved the request from key limited partners of the Nclude FinTech Fund to name Development Partners International (DPI) as the new fund manager, according to a press release.
The appointment aligns with the ongoing efforts to support companies operating in the fintech sector, accelerating digital transformation and promoting financial inclusion.
This move aims to attract new foreign investments in the fintech landscape, backing the fund's objectives to become the largest FinTech-focused fund across the region, with a targeted capital of $150 million.
The fund played an effective role in drawing foreign investments to this sector, where every $1 invested by Nclude in startups operating in the Egyptian market has leveraged an additional $5 from foreign investors into those startups.
Rami Aboulnaga, Deputy Governor of the CBE, commented: "The participation of Egyptian banks in the 'Nclude' fund reflects the banking sector's strong commitment to investing in emerging FinTech trends and keeping pace with global trends in these promising sectors, especially by fostering a supportive environment for FinTech entrepreneurs to launch their solutions in Egypt, contributing to achieve targeted financial inclusion rates."
The launch was backed by Egypt's leading banks, including Banque Misr, the National Bank of Egypt (NBE), and Banque du Caire.
Institutional investors like the Egyptian Banks Company for Technological Advancement (EBC), e-Finance Investment Group, and Mastercard also participated in the ceremony.
© 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (Syndigate.info).
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