Investments in the financial technology (FinTech) field reached $167 million in the first half of 2022, around a 12X increase when compared to 2017
The Information and Decision Support Center (IDSC) reported that investments in the financial technology (FinTech) field reached $167 million in the first half of 2022, around a 12X increase when compared to 2017.
This came in the center's analysis of digital financing, FinTech and the innovative applications that contributed to providing financial services for individuals and companies swiftly, and at lower cost, promoting financial inclusion.
Earlier this month, Egypt was the most represented country in to Forbes Middle East’s top FinTech companies list, having eight entries among 30 regional FinTech companies.
The FinTech sector in Egypt is growing and this contributes to the Central Bank of Egypt (CBE)’s financial inclusion strategy that aims to drive growth in the FinTech and digital financial infrastructure in Egypt.
The CBE also published a report that shows an increase in financial inclusion rates recording a growth rate of 147% since 2016.
