FinTech in Egypt: New Landscape

SP
Shehata & Partners
Details
Date & Time
18 Jul 2024 | 12:00 PM UTC
Duration
1 hour
Language
English
Photo of Ibrahim Shehata
Speakers
Worldwide
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Egypt has entered the digital banking era with tools like internet and mobile banking, but the legal framework embodied by the old banking law No 88 of 2003 was not sufficient to navigate the fast-paced developments within the fintech industry. This regulatory gap has forced the banks to rely upon customised agreements with their customers, paving the way for future, more comprehensive fintech regulations.

The Egyptian fintech landscape is booming in 2024, driven by a tech-savvy population, supportive government policies and a growing demand for innovative financial solutions. The key aspects of this include the following.

  • Increasing financial inclusion: fintech start-ups are playing a crucial role in bringing financial services to the unbanked and underbanked population in Egypt. Mobile wallets, microloans and alternative credit scoring methodologies are making it easier for people without traditional bank accounts to access financial products and financial services.
  • Rise of digital investments: Egyptians are increasingly interested in investing their money online. Robo-advisers, micro-investing platforms and fractional ownership solutions are making it easier and more affordable for Egyptian people to invest in stocks, bonds and other assets through online platforms.
  • Evolving payments landscape: cash is still king in Egypt, but cashless payments are gaining a lot of traction. Mobile wallets, QR code payments and contactless cards are becoming more popular, driven by the convenience and the security they offer.

In light of the above, the webinar will provide an overview of the current landscape of the FinTech industry for banking and non-banking activities under the current legal framework.

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FinTech in Egypt: New Landscape

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