Egypt's fintech sector surged fivefold in five years, Entlaq report reveals

Entlaq, in collaboration with the Netherlands Enterprise Agency (RVO) and the Embassy of the Netherlands in Egypt, proudly announces the release of a comprehensive report on Egypt's fintech sector. This detailed study highlights the sector's explosive growth over the past five years, which has expanded by 5.5 times, driven by advancements in digital payments, lending, and B2B marketplaces.

The report was launched at an event hosted by the embassy, featuring key figures such as H.E. Mr. Hossam Heiba, President of GAFI; H.E. Dr. Mohamed Farid, Chairman of the Financial Regulatory Authority (FRA). It included a roundtable discussion titled "Scaling Fintech in Egypt: From Startups to Global Impact," with participants like Ahmed Yehia, CEO of e& Egypt; Ahmed Wady, CEO of Money Fellows; and Mohamed Mounir, Deputy CEO of valU, among others.

Peter Mollema, the Dutch Ambassador to Egypt, emphasized the transformative role of fintech, not just as a technology but as a powerful enabler for businesses and individuals to thrive in the digital economy. The sector not only fosters financial inclusion and resilience but also opens up new opportunities for women's economic empowerment.

The report, which features input from over 177 fintech startups and service providers, offers a deep dive into the regulatory and policy environment shaping the sector, detailing how these frameworks support financial inclusion and digital transformation. It underscores the potential for growth despite challenges like regulatory complexities, digital literacy gaps, and cybersecurity risks.

Omar Rezk, Co-founder and Managing Director of Entlaq, highlighted the crucial moment for Egypt's fintech sector, noting its substantial economic impact and the need to address ongoing challenges to maintain sustainable growth.

The insights provided are invaluable for policymakers, entrepreneurs, and investors eager to engage with and capitalize on the opportunities within Egypt’s dynamic fintech ecosystem. The report also suggests strategic actions for stakeholders to enhance collaboration and drive the sector's continued expansion and innovation.