“Strengthening the entrepreneurship ecosystem to support these efforts is a strategic priority for IFC in Egypt,” said Walid Labadi, IFC’s country manager for Egypt
Stimulating economic growth and private sector involvement and development, the Egyptian FinTech Association has announced their latest partnership with the International Finance Corporation (IFC) to boost entrepreneurship in the field of financial technology (FinTech).
Sherif Samy, Chairman of the Egyptian FinTech Association, stated that Egypt is witnessing a rapidly developing fintech sector, “driven by a number of proactive regulatory initiatives and attractive demographics, in addition to a growing interest from local and regional investors”.
“The pandemic has highlighted the importance of fintech in solving longstanding development challenges like financial inclusion. Young entrepreneurs have the potential to harness fintech solutions and become a driving force for sustainable economic development and job creation,” said Walid Labadi, IFC’s country manager for Egypt, Yemen and Libya.
“Strengthening the entrepreneurship ecosystem to support these efforts is a strategic priority for IFC in Egypt,” he added.
The IFC will work with the association to improve the FinTech entrepreneurship environment by conducting research and market analysis to identify the challenges and obstacles entrepreneurs face, pointed out the Ministry of International Cooperation.
They are also developing educational campaigns for industry stakeholders in order to spread awareness about the importance of the sector.
Minister of International Cooperation Dr. Rania Al-Mashat valued the cooperation between the IFC and the Egyptian FinTech Association, in the framework of strengthening multilateral and bilateral relations between development partners, and the Egyptian FinTech sector stakeholders. This partnership focuses on enhancing the entrepreneurship environment in Egypt, pushing towards the 17 United Nations Sustainable Development Goals (SDGs).
The Fourth Industrial Revolution has altered how societies work as technological advancement has become a fundamental factor in many industries and fields, especially the financial sector, Al-Mashat highlighted, with the digitization of the financial sector is a catalyst to the recovery strategy put in motion by the Government in Egypt, aiming to maintain the economic and social development.
Al-Mashat said that the Ministry of International Cooperation is seeking, through international partnerships, to support innovation and entrepreneurship initiatives, achieving the UN SDGs.
She also pointed out Egypt's endeavor to be a regional pioneer in the entrepreneurial scene, by focusing on engaging the private sector and supporting startups and Small and Medium-sized Enterprises (SMEs), especially in the field of financial technology.
The IFC brings its global experience and will exchange knowledge around policy dialogue to help Egyptian FinTech Association to stimulate and advance the FinTech sector, in light of the vitality of technological innovations and its role in enhancing financial inclusion.
