The Central Bank of Egypt Supports Entrepreneurship and Promotes Innovations in Financial Technology

In line with the Central Bank of Egypt’s strides to support and foster entrepreneurship and innovations in financial technology; “FinTech Egypt” launched the “FINTEKRS initiative for FinTech & FinTech enabled startups”. The initiative aims to raise awareness for financial technology among entrepreneurs across all Egyptian governorates and to encourage affiliated startups to develop and implement practical innovative solutions, directed towards the facilitation of banking services and increasing access to financial products.

The “FINTEKRS initiative comes in light of the Central Bank of Egypt’s FinTech & Innovation strategy, which aims to transform Egypt into a regional hub for the Arab and African FinTech and innovation industry, with the active participation of a number of Egyptian operating banks and their subsidiaries, and in collaboration with “PMaestro” – the Executive Partner. The initiative is targeted to provide  guidance for entrepreneurs and startups functioning in the FinTech industry outside Cairo.

The initiative will be implemented over a number of rounds, and its events will comprise several acceleration cycles, that incorporate extensive training courses in various tracks for selected FinTech/ FinTech-enabled startups, including the “Lean Startup” strategy for business management, product development, among other training courses, whereas real business experiences will be presented to the startups through experienced lecturers, and FinTech industry professionals.

A maximum of 15 startups will be selected to join the initiative’s acceleration cycle in each governorate. The weblink for submission in each round will be announced on social media platforms – according to the initiative’s timeline – allowing startups who meet the published conditions in the governorates covered by each round, to join the initiative and apply via their designated link.

In the same context; The first round was launched in Alexandria, followed by upper Egypt, and will extend to all Egypt’s governorates, during the upcoming year. FinTech / FinTech-enabled startups operating in Alexandria can participate in the program by submitting applications for the acceleration cycle via the designated link on the website of FinTech Egypt (https://fintech-egypt.com/Fintekrs/). Applications will be open for a period of two weeks.

Worth noting that this initiative is part of a consistent series of initiatives launched by the Central Bank of Egypt, aiming to support entrepreneurship and promote FinTech / FinTech-enabled startups, through strengthening communication and experience transmission between the banking sector from one side and FinTech startups on the other side, with the aspiration of availing financial services to various segments in all governorates, and achieving higher rates of financial inclusion.