The company is planning at least three to four investments before year-end, and plans to back between eight and ten startups next year, Fouad says in Cairo. CVentures has used less than 20% of its current fund size, so “we have a lot of room to grow,” he says. CIB is Egypt’s largest private commercial bank.
Fintech development in Egypt has lagged behind other African countries. About two-thirds of Egypt’s population are without access to banking services.
Source: The Africa Report