Entlaq, Dutch Embassy launch report on Egypt's fintech growth & challenges
CAIRO - 24 February 2024: Entlaq, in collaboration with the Netherlands Enterprise Agency (RVO) and the Embassy of the Netherlands in Egypt, has launched a comprehensive Fintech Report analyzing Egypt's rapidly evolving financial technology sector.
The report highlights key market trends, growth opportunities, and challenges shaping the industry, positioning Egypt as a regional fintech leader.
The report launch took place at the Dutch Embassy in Cairo, featuring key speakers such as Hossam Heiba, President of GAFI, and Mohamed Farid, Chairman of the Financial Regulatory Authority (FRA).
An expert roundtable discussion, titled 'Scaling Fintech in Egypt: From Startups to Global Impact,' gathered industry leaders, including Ahmed Yehia (e& Egypt), Ahmed Wady (Money Fellows), Mohamed Mounir (valU), Mohamed Ehab (Entlaq), and Ahmed Khalifa (Regulatory Sandbox).
Peter Mollema, Ambassador of the Netherlands in Egypt, emphasized the role of fintech in driving financial inclusion and digital innovation, particularly for women entrepreneurs.
'The rapid growth of Egypt's fintech sector presents a great opportunity to empower people and businesses, enhance economic resilience, and expand access to financial services,' he stated.
For his part, Omar Rezk, Co-founder and Managing Director of Entlaq, highlighted the sector's transformation, stating, 'Egypt is at a pivotal moment, and while opportunities abound, addressing regulatory hurdles and digital literacy gaps is essential for sustainable growth.'
According to Rezk, with over 177 fintech startups and payment service providers, Egypt's fintech landscape has seen a 5.5-fold increase over the past five years, driven by digital payments, lending, and B2B marketplaces. However, the sector faces challenges such as regulatory complexities, digital literacy gaps, and cybersecurity concerns.
'We believe this research provides invaluable insights for policymakers, entrepreneurs, and investors looking to navigate and thrive in Egypt's dynamic financial technology landscape,' he added.
The report offers strategic recommendations for policymakers, investors, and startups, emphasizing the need for collaboration to accelerate fintech expansion. With rising consumer adoption, government-backed initiatives, and international investment, Egypt's fintech sector is well-positioned for continued success.
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