Egypt fintechs can boost financial inclusion, helped by favourable regulation
Egypt scores well in our recently publishedFintech Financial Inclusion Scorecard, which seeks to identify the countries that offer the best potential for fintechs to boost financial exclusion. At the same time, only a third of adults have a bank account, while bank branch and ATM infrastructure is also lagging. Egypt’s regulatory environment is favourable for fintechs, with the launch of the Fintech Egypt platform, and the introduction of a fintech regulatory sandbox that allows startups to test their ideas in a controlled environment. Paymob raised US$18.5mn of funding in its April 2021 Series A funding round, making it the largest Series A fintech transaction in Egypt.