In line with the Central Bank of Egypt’s (CBE) strides to support and foster entrepreneurship and innovations in fintech, FinTech Egypt launched the FINTEKRS initiative for fintech & fintech-enabled start-ups on Wednesday.
The initiative aims to raise awareness for fintech among entrepreneurs across all Egyptian governorates and to encourage affiliated start-ups 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 CBE’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 in collaboration with PMaestro — the executive partner. The initiative targets providing guidance for entrepreneurs and start-ups 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 start-ups, including the Lean Start-up Strategy for business management, product development, among other training courses, whereas real business experiences will be presented to the start-ups through experienced lecturers and fintech industry professionals.
A maximum of 15 start-ups 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, allowing start-ups 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 of Egypt’s governorates during the upcoming year.
Fintech/fintech-enabled start-ups operating in Alexandria can participate in the programme 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.
This initiative is part of a consistent series of initiatives launched by the CBE to support entrepreneurship and promote fintech start-ups by strengthening communication and experience transmission between the banking sector from one side and fintech start-ups on the other with the aspiration of availing financial services to various segments in all governorates and achieving higher rates of financial inclusion.