The number of fintech companies in Egypt offering fintech services has increased five-fold to 177, according to a report by the Central Bank of Egypt. The growth is attributed to rising demand for fintech solutions in the country. The report also highlights the influence of Egypt's regional relationships with Gulf countries on its fintech landscape, with 94% of Egyptian fintech operators having offices in the United Arab Emirates and Saudi Arabia. Additionally, venture capital and angel investments make up a significant share of fintech investments in Egypt, with private equity representing 55% of overall investments in 2022. The report emphasizes the importance of government support and reforms in driving the growth of fintech in Egypt, particularly in the digital payments sector. Partnerships between fintech firms and banks are also common in Egypt's fintech ecosystem, with banks increasingly acting as limited partners in fintech funds. The report suggests that Egypt's regulators and bank partnerships have made progress, but there is room for further reforms and collaborations beyond payments.

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