Nclude, a fintech-focused VC investment platform founded in collaboration with Egypt’s top national banks, Banque Misr, National Bank of Egypt, and Banque Du Caire, has received funding from Mastercard.
When Nclude was first introduced in March 2022, the three national banks, Egyptian Banks Company (EBC), and eFinance each contributed $100 million to the venture.
The Central Bank of Egypt, which seeks to develop Egypt as an Innovation Hub for fintechs throughout the Middle East and Africa, supported the foundation of the fund. In a nation where only 56% of people work in the formal economy, the CBE initiative is concentrated on closing Egypt’s enormous SME lending gap and improving the standard of SME financing.
“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.”
