Mastercard is investing in and collaborating with African technology company nClude to foster further financial inclusion across Egypt while also enhancing the country’s FinTech ecosystem.
A venture capital investment platform focused on FinTechs, nClude was launched in partnership with Egyptian banks Banque Misr, National Bank of Egypt and Banque Du Caire to help support the country’s digital journey, according to a Tuesday (Oct. 11) press release.
The move aligns with Mastercard’s goal of supporting the Egyptian government’s efforts and legislation to leverage the power of technology for digital transformation, the release stated.
“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,” said Khalid Elgibali, division president of the Middle East and North Africa at Mastercard, in the release. “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.”
Positioning Egypt as an innovation hub for FinTechs across the Middle East and Africa is a goal being driven by the Central Bank of Egypt (CBE), according to the release. The CBE is working to boost talent in younger generations, close existing talent gaps, widen access to funding, and further develop technology infrastructure.
“Mastercard’s global platform and commitment to FinTech is a great complement to the nClude strategy,” said nClude General Partner Basil Moftah in the release. “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.”
PYMNTS has reached out to Mastercard and nClude for comment.
Read also: Mobile Wallets Offer Egypt Digital Transformation and Use Case Expansion
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