Egypt’s banks increase focus on consumer opportunity

Egypt’s banking industry and Cairo’s Natural History Museum have something in common, according to some in the country’s burgeoning fintech sector. “Dinosaurs” is how the founder of one startup firm describes some of the less innovative local lenders, when talking to Euromoney. But some of those dinosaurs are more evolved than they appear.

Egypt’s fintechs want more from the banks – more support, more partnerships and more funding – and there are clear signs that the industry is starting to deliver.