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FinTech Egypt 2023


November 27, 2023

Financial Technology is fundamental for the modernization and advancement of Egypt’s banking and financial sectors. With new innovative FinTech-enabled startups emerging in the market every year, Egypt has immense potential for the advancement of the FinTech & FinTech-enabled industry as well as a catalyst for current and future innovation, potential collaboration, and policy development.


By expanding the FinTech ecosystem and the involvement of more key stakeholders, the Egyptian FinTech industry has seen vast advancements throughout this year, keeping the country in line with its deliberate Sustainable Development Strategy (SDS) to achieve a competitive diversified economy and attain optimum financial inclusion. As such, this report aims to provide insights into the progression of the FinTech industry in Egypt in the last few years, in addition to the enabling activities and initiatives done by the aforementioned stakeholders to help achieve the country’s strategic goals.



GlobalInnovation Index:

- Ranked 89th Global Innovation Index


Global Fintech Startup Ecosystem:

- From Top 100 Emerging FinTech Startup Ecosystem.

- Scored 10 in Global Emerging FinTech Ecosystem in funding.



African Fintech Ecosystem:

- Among Only 2 distributed Fintech Markets in Africa.

- 12% Growth expected in Financial Services per annum till 2025.

- Among Top 5 African Countries having 50% of Software Developers.


African Fintech Investment Ecosystem:

- 2nd in Africa in FinTech VC investment.

- Among Top 4 African countries viewed as hotspots for African VC investment.

- Among Top 2 African countries with most balanced sector diversification.


Mena Fintech Ecosystem:

- 3rd in MENA VC investments (18%).

- 3rd in MENA in Fintech Talent & Experience.


Startup & Payment Service Providers (PSPs) Map, Like:

Data Analytics & AI, InsurTech / HealthTech, Payroll & Benefits, Personal Finance Management & Financial Literacy, Open Banking & Infrastructure, ROSCA, Wealth Management & Saving, AgriTech, PropTech, Accounting & Expense management, RegTech, B2B Marketplace, Lending & Alternative Finance, Payment& Remittance.


Demand of FinTech in Egypt


Egypt Is Hometo Over 177 Startups & PSPs

Currently, there are 177 FinTech & FinTech enabled startups and Payment Service Providers (PSPs) offering innovative solutions in the Egyptian market. Out of which, 139 startups provide pure FinTech solutions, while 38 provide technological solutions, along with embedded finance.


Growth of Startups & PSPs in the Last 5 Years

Within the last 5 years, innovative startups & PSPs have increased by 5.5 times, due to the rising demand for FinTech & FinTech-enabled solutions in the Egyptian market.


PrimarySub-Sectors of Startups & PSPs

To date, 3 sub-sectors are dominating the FinTech industry in Egypt by nearly 60% of the 177 startups & PSPs. To elaborate, Payments & Remittance are representing 36% of the FinTech scene, followed by Lending & Alternative Finance with 11% and B2B Marketplace solutions, with 10%.


Startups & PSPs Business Models

22% B2C Solutions, 37% B2B2C Solutions, 41% B2B Solutions.


Served Customers

99.9M individual & Business registered customers.

54.7M (55%) are active customers.


Customers Age Brackets

Over 60% of customers served are between 20 and 40 years old, given that age brackets between 31 and 40 years old are the most dominant by 36%.


Top 5 Challenges Faced by Startups & PSPs That Hinder Their Growth

Funding, Partnership with banks, Licensing, Local/ Global Expansion, Currency Devaluation.



Egypt’s FinTech Investments Growth

Venture Capital and angel Investments represent a great share of overall FinTech investments in Egypt, with an average of 65% across the last 3 years. Yet, Private Equity took a leap in 2022 – representing 55% of overall Egypt’s FinTech Investments.


Share of FinTech investment in Egypt:

2019 was $15.5M.

2020 was $85.8M.

2021 was $368.2M.

And for 2022 was $796.5M, which is 51 times compared to 2019.


Revenues Generated by Startups & PSPs in 2022

EGP 62 billion revenue generated in 2022, by 83 startups & PSPs.

11 billion volumes of transactions in 2022, by 95 startups & PSPs.

EGP 342 billion value of transactions in 2022, by 95 startups & PSPs.


Startups Revenue Model

56.3% (100) of startups & PSPs take both fixed fees as well as % of transactions from their customers. While, 32.2% (57) take % of transactions, and 11.5% (20) take fixed fees.


Banks, National FinancialInfrastructure Providers & Payments System Operators Map


FinancialInclusion in Numbers:

- 64.8% Financial Inclusion Rate (16 Years+) 2022.

- 147% Growth in included citizens – 2016 – 2022.

- 210% Growth in included women – 2016 – 2022.


Payments inNumbers:

- 57.8M Cards as of 2022.

- 30.4M Mobile Wallets as of 2022.

- 940K Point of Sales (Pos) as of 2022.

- 680K QR Code as of 2022.


Internet & Mobile Banking in Numbers:

- 14.4M Internet Banking Users as of 2022.

- 13.2M Mobile Banking Usersas of 2022.


In summary, Egypt's FinTech landscape in 2023 is characterized by robust growth, increasing global and regional prominence, and a commitment to sustainable development goals. The report underscores the significance of continued collaboration, innovation, and addressing challenges for the sustained advancement of Egypt's FinTech ecosystem.