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
