FinTech: Mastercard Invests In Egypt’s Nclude, A Fintech Focused VC Investment Platform
Nclude has been launched in partnership with Egypt’s leading national banks – Banque Misr, National Bank of Egypt and Banque Du Caire.
Mastercard (NYSE: MA) has made a strategic investment of an undisclosed amount in Nclude, a fintech-focused VC investment platform launched in Egypt. The investment will go toward supporting early-and-growth-stage fintechs tackling financial inclusion in the country, and the Central Bank of Egypt’s vision to establish Egypt as the Innovation Hub for fintechs across the Middle East and Africa region. (Mastercard)
Formed in March 2022 with an investment of $100 million from Banque Misr, National Bank of Egypt and Banque Du Caire, as well as Egyptian Banks Company (EBC) and eFinance, Nclude seeks to advance the CBE’s mission to increase the rate of financial inclusion to benefit all Egyptians, as well as to fill the huge SME lending gap in the country.
Mastercard itself has pledged to connect 1 billion people and 50 million micro and small businesses, including 25 million women entrepreneurs, to the digital economy by 2025.
“Fintech and fintech enabled companies are witnessing exponential growth in the market and we look forward to partnering with Mastercard to continue to fuel this growth and position Egypt as a Regional center of excellence for fintech innovation,” said Basil Moftah General Partner at Nclude.
Adam Jones, Country General Manager, MENA Central at Mastercard said: “Through this partnership, we aim to empower Egypt’s rapidly evolving fintech ecosystem in order to allow individuals and businesses to have access to quality financial services, thus promoting the growth of the country’s digital and formal economy.”
Related Story: Mastercard Brings New Benefits To Small Business Cardholders
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