Banque Misr, National Bank of Egypt, and Banque du Caire, Egypt’s three main national banks, announced the opening of a new venture fund called Nclude on Sunday (March 20).
The fund, which will focus on FinTech firms in the Middle East and Africa, was formed in collaboration with venture capital company Global Ventures. According to the press release, the move is intended to assist young inventors who want to help the Egyptian economy grow.
The fund has already made four investments, with a focus on both advancing FinTechs and fostering financial inclusion. According to the press release, funds have been invested in financial “super app” Khazna, consumer FinTech app Lucky, agri-FinTech platform Mozare3, and digital payment service provider Paymob.
An initial investment of $85 million will be made by the three institutions. Other investors, such as eFinance Investment Group and Egyptian Banks Company, are involved, and further investments may be made in the future.
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