Egypt’s Nexta raises $3 million for its challenger fintech app

Egypt’s Nexta raises $3 million for its challenger fintech app

Egypt has a population of over 103 million inhabitants, growing at approximately 2 per cent a year. The enormous growth in population has created a fast-growing retail market, with $250 billion in consumer spending up for grabs. The past few years witnessed a clear uptick in digital payments, yet it is estimated that only 4 per cent of consumer spending is cashless.

Local fintech startups have been increasingly looking to fill gaps in financial services and upping the ante in the consumer spending space, enabling larger segments of society and those outside the formal banking system to gain better access to financial products and cultivate better financial management habits.