Mastercard invests in Egyptian fintech fund

Mastercard invests in Egyptian fintech fund

Mastercard has invested in Nclude, a fintech focused VC investment platform launched in partnership with Egypt’s leading national banks – Banque Misr, National Bank of Egypt and Banque Du Caire.

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.

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