Nclude was launched in March 2022, and initially drew an investment of $100 million from the three national banks as well as Egyptian Banks Company (EBC) and eFinance.

The establishment of the fund was backed by the Central bank of Egypt, which is aiming to position the country as an Innovation Hub for fintechs across the Middle East and Africa. In a country in which only 56% of the population operate in the formal economy, the CBE programme is focused on filling the huge SME lending gap in Egypt, as well as elevating the quality of financial services offered in the country to businesses and individuals.

“Our contribution to Nclude stems from our longstanding commitment to accelerate the country’s digital transformation, drive financial inclusion rates and to reinforce Egypt’s position as an innovation hub for the fintech industry in the wider region,” says Khalid Elgibali, division president, Middle East, and North Africa at Mastercard. “We see a new door for opportunity in our collaboration with Nclude fund, where Egyptian fintechs can be offered an enabling environment to achieve their full potential.”