The step is part of the Central Bank of Egypt’s (CBE) initiative to promote financial inclusion for farmers, on the occasion of Egyptian Farmer’s Day.
New legislation and regulatory changes in Egypt are set to unleash a surge in new fintech investments and change the way the country’s largely unbanked citizens do business, industry players say.
The program aims to increase income, improve livelihoods in rural areas and achieve financial inclusion for female breadwinners.
The initiative comes as part of Egypt’s fintech and innovation strategy that aims to achieve the state’s goals in using technology, as well as promoting innovation and financial inclusion.
The program is designed to increase climate lending by participating banks in Egypt, Mexico, the Philippines, and South Africa to 30 percent of their portfolios by 2030.
Egyptian fintech Zeal Rewards has raised a seed investment from an angel investor, it announced in a statement to MENAbytes this week.
Subordinated debt totaling $30 million to strengthen capital base and boost bank’s ability to provide local businesses with much-needed financing.
SANAD and Banque du Caire Strengthen Partnership to Support MSMEs, Agribusinesses, Microfinance Institutions in Egypt in Light of COVID-19 Crisis
Investment of $15 million bolsters funding base for important economic pillars.
SANAD and Export Development Bank of Egypt Strengthen Partnership to Support SMEs, Agricultural Exporters, and Microfinance Institutions in Egypt
The aim of this partnership is to channel much-needed financing to agricultural and small and medium-sized exporters as well as microfinance institutions in Egypt in response to the economic difficulties brought about by COVID-19.