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FinTech Landscape in Egypt


September 12, 2023

The Evolution of Fintech in Egypt: A2023 Overview


Egypt has been experiencing a significant transformation inits financial technology (fintech) landscape over the past few years. Fintech companies have been instrumental in bridging gaps in financial inclusion,enhancing digital payments, and making financial services more accessible to Egyptians. To understand the state of fintech in Egypt during 2023, let's compare it to the developments in 2022.


Fintechin Egypt: 2022 Recap

1. Regulatory Advancements

In 2022, Egypt made substantial strides in regulatory reforms to support fintech innovation. The Central Bank of Egypt (CBE) introduced several measures to encourage fintech development, including sandbox environments for testing new financial products and services. These regulatory changes created a conducive environment for fintech startups to flourish.


2. Digital Payments Surge

2022 marked a notable increase in digital payments in Egypt. Mobile wallets and payment apps like Fawry, ValU, and Bee witnessed significant adoption rates. The COVID-19 pandemic accelerated the shift toward contactless payments, making fintech solutions even more crucial for everyday transactions.


3. Financial Inclusion Initiatives

Egypt has been actively promoting financial inclusion and digital adoption, aligning with its National Vision 2030. The country's initiatives, driven by the Central Bank of Egypt and other regulators, have created an enabling environment for FinTech growth. As a result, more consumers, micro, small, and medium enterprises (MSMEs), and corporations are embracing FinTech solutions for their financial needs.


Fintechin Egypt: 2023 Outlook

1. Consolidation and Expansion

In 2023, we see a period of consolidation in the Egyptian fintech sector. Successful startups may seek mergers or acquisitions to expand their service offerings and customer base as the market matures. This consolidation could lead to more comprehensive fintech ecosystems, offering a wide range of financial services.


2. Enhanced Regulatory Framework

The regulatory framework for fintech is likely to evolve further in 2023. The CBE and other regulatory authorities may introduce new guidelines and regulations to address emerging challenges and risks associated with fintech, such as cybersecurity and data privacy. These efforts will help maintain trust in the fintech sector.


3. Increased Focus on Financial Literacy

To ensure the sustainable growth of fintech in Egypt, there will likely be an increased focus on financial literacy and education programs. Fintech companies and government agencies may collaborate to empower consumers with the knowledge and skills to make informed financial decisions in the digital age.


4. Expansion of Digital Banking

Digital banking is poised for significant growth in Egypt in2023. Traditional banks are expected to invest more in digital channels and partnerships with fintech companies to enhance their services. This collaboration will likely lead to innovative banking solutions, including virtual branches and personalized digital banking experiences.


5. Emerging Technologies

The adoption of emerging technologies like blockchain, artificial intelligence (AI), and biometrics is expected to continue in 2023. These technologies can improve security, streamline processes, and enhance the overall user experience in fintech applications.



The fintech landscape in Egypt has witnessed remarkable progress in recent years, with 2022 being a pivotal year for regulatory reformsand digital payments. As for 2023, the sector is continuing to evolve, drivenby consolidation, regulatory enhancements, and a growing focus on financial literacy. Egypt's fintech industry is well-positioned to play a pivotal role in expanding financial inclusion and modernizing the country's financial services.