Mastercard has made an investment in Nclude, a venture capital platform for fintech, which was launched in collaboration with Egypt’s prominent national banks: Banque Misr, National Bank of Egypt, and Banque Du Caire.
Nclude was established in March 2022, initially attracting $100 million in funding from the three national banks, alongside the Egyptian Banks Company (EBC) and eFinance. The Central Bank of Egypt has supported the creation of the fund with the intention of positioning the country as a fintech Innovation Hub for the Middle East and Africa. Given that only 56% of the Egyptian population participates in the formal economy, the Central Bank’s initiative aims to address the significant lending gap faced by small and medium-sized enterprises (SMEs) and enhance the quality of financial services for both businesses and individuals.
“Our contribution to Nclude reflects our commitment to accelerate the country’s digital transformation, improve financial inclusion, and strengthen Egypt’s status as an innovation hub for the fintech sector in the broader region,” said Khalid Elgibali, division president for the Middle East and North Africa at Mastercard. “We view our collaboration with the Nclude fund as an opportunity to create an environment where Egyptian fintechs can thrive and reach their full potential.”