NEWS
Mastercard and Nclude to accelerate Egypt ’ s FinTech ecosystem and boost financial inclusion
Mastercard has 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 and Banque Du Caire – to further boost Egypt ’ s vibrant FinTech ecosystem and support the country ’ s Digital Transformation journey .
The partnership will deepen financial inclusion across Egypt by investing in promising early-and-growth-stage FinTech and FinTech-enabled companies .
The announcement builds on Mastercard ’ s commitment to supporting the government ’ s efforts and favourable regulations 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 Elgibali , Division President , Middle East and North Africa at Mastercard . “ We see a new door for opportunity in our collaboration with Nclude fund , where Egyptian FinTechs can be offered an enabling environment to achieve their full potential .”
With Mastercard , a pioneer in advancing financial inclusion in Egypt and the world , joining in , Nclude Fund is quickly becoming a go-to fund for FinTechs looking to grow their operations and services .
Virtuzone and Wio Bank to give SMEs the ability to open digital business bank account
Virtuzone , a leading company formation specialist and corporate services provider , has joined forces with Wio Bank , one of the region ’ s first platform banks , to revolutionise the banking process for its clients through the next-generation digital banking solution , Wio Business . Paul Bryson , Group Commercial Director at Virtuzone , signed the MoU with Prateek Vahie , Chief Commercial Officer at Wio Bank .
Due to strict compliance requirements , opening a business bank account as an entrepreneur can prove to be challenging . With Wio Business , Virtuzone seeks to enhance business support for its clients through innovative banking solutions and empower them with the ability to open a fully digital corporate bank account within just a few days and without having to visit a physical location .
Built to get SMEs up and running quickly by providing easy and simple banking tools to manage their business better , Wio Business heralds the arrival of next-generation banking in the region . In line with the UAE ’ s Digital Economy Strategy , this partnership is a testament to Virtuzone ’ s future-forward approach and commitment to delivering cutting-edge , customer-centric solutions for its customers .
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