In a bid to foster gender diversity and empower female entrepreneurs in the FinTech sector, FinTech Egypt, under the guidance of the Central Bank of Egypt (CBE), has rolled out its latest endeavor, the “Women for Women in FinTech” initiative.
Kicking off in March 2024, this six-month initiative is poised to provide extensive support to women entrepreneurs seeking to amplify their ventures through the adoption of FinTech solutions. It falls under the overarching “Accelerate’ha” initiative initiated by the CBE in 2021, aimed at expediting the development of FinTech solutions customized for businesses led by women.
According to a statement issued by the central bank, the primary objective of the “Women for Women in FinTech” initiative is to equip female entrepreneurs with the requisite skills and knowledge to leverage FinTech applications effectively. Through intensive training sessions and workshops spanning various domains, participants will gain insights into the transformative potential of FinTech and its implications for their businesses.
Rami Aboulnaga, Deputy Governor of the CBE, highlighted the strategic significance of the initiative, stating, “Aligned with the CBE’s FinTech strategy, this initiative underscores our commitment to promoting gender inclusivity and empowering women in the financial sector.” He emphasized the importance of nurturing the unique talents of women entrepreneurs and fostering an environment conducive to their growth and success.
A key aspect of the initiative revolves around facilitating meaningful collaborations between startups and financial institutions through “Embedded Finance” solutions. By integrating these solutions into their business models, startups can unlock new avenues for growth and innovation, thereby enhancing their competitiveness in the market.
The “Women for Women in FinTech” initiative has already garnered significant interest, with 12 startups selected to participate. These startups will have the opportunity to showcase their business ideas to a panel of esteemed female leaders from the CBE, the banking sector, and prominent FinTech startups.
In addition to pitching their business models, participants will benefit from mentorship and guidance provided by seasoned professionals in the FinTech industry. This support network aims to catalyze the growth and scalability of women-led startups, paving the way for their sustained success in the Egyptian market.
Overall, the launch of the “Women for Women in FinTech” initiative underscores FinTech Egypt’s commitment to driving gender diversity and fostering an inclusive ecosystem that empowers women entrepreneurs to thrive in the dynamic landscape of financial technology.