As part of ongoing efforts to support fintech innovation, drive digital transformation, and advance financial inclusion in line with international best practices, the Central Bank of Egypt (CBE) has approved a request from key limited partners of the “Nclude” fintech fund to appoint Development Partners International (DPI) as its new fund manager.
Rami Aboulnaga, Deputy Governor of the CBE, witnessed the official signing ceremony marking the fund’s transition to DPI management. This strategic step aims to attract greater foreign investment into Egypt’s fintech sector and supports the fund’s ambition to become the largest fintech-focused investment fund in the region, with a target capital of $150m.
The Nclude fund has already demonstrated a significant multiplier effect, with every $1 invested by the fund helping to attract an additional $5 in foreign capital to startups operating in the Egyptian market.
Commenting on the development, Deputy Governor Rami Aboulnaga said: “The participation of Egyptian banks in the Nclude Fund underscores the banking sector’s strong commitment to embracing emerging fintech trends and staying aligned with global developments. This fund plays a vital role in providing fintech entrepreneurs with the supportive environment they need to launch innovative solutions in Egypt and contributes meaningfully to achieving our targeted financial inclusion goals.”
The fund’s launch was initially backed by some of Egypt’s leading financial institutions—including Banque Misr, the National Bank of Egypt, and Banque du Caire—as well as institutional investors such as the Egyptian Banks Company for Technological Advancement (EBC), e-Finance Investment Group, and Mastercard. This initiative complements the CBE’s broader strategy to expand access to funding for fintech startups, a cornerstone of its fintech and innovation strategy.
Beyond financial support, Nclude also plays a critical role in nurturing young talent and directing investment towards both local and international fintech and fintech-enabled startups looking to establish operations in Egypt.
