Riyadh – Mubasher: Mastercard announced a strategic investment in Nclude, a fintech-focused VC investment platform launched in partnership with Egypt’s leading national banks; Banque Misr, National Bank of Egypt (NBE), and Banque Du Caire.
The investment aims to bolster Egypt’s vibrant fintech ecosystem and support the country’s digital transformation journey, according to a recent press release.
The announcement builds on Mastercard’s commitment to supporting the government’s efforts aimed at transforming Egypt into a digital, financially inclusive society by harnessing the power of technology.
“Our contribution to Nclude stems from our longstanding commitment to accelerate the country’s digital transformation, drive financial inclusion rates and to reinforce Egypt’s position as an innovation hub for the fintech industry in the wider region,” said Khalid El-gibali, Division President, Middle East, and North Africa at Mastercard.
Basil Moftah, General Partner at Nclude, commented:" Fintech and fintech enabled companies are witnessing exponential growth in the market and we look forward to partnering with Mastercard to continue to fuel this growth and position Egypt as a Regional center of excellence for fintech innovation.”
Launched in March 2022 upon approval by the Central Bank of Egypt (CBE), Nclude initially saw an investment of $100 million from the 3 national banks as well as Egyptian Banks Company (EBC) and eFinance. With Mastercard joining in, Nclude Fund is quickly becoming a go-to fund for fintechs looking to grow their operations and services.
