Egypt sets EGP 15 mln as minimum capital for fintech startups

The approval is part of a broader initiative to bolster support for fintech startups and promote a business-favorable climate, as per the statement.

The FRA further stipulated that should a startup aspire to undertake multiple non-banking financing activities, its capital must be adjusted accordingly and in conformity with the rules governing the combination of activities.

Non-banking financing activities outlined by the authority encompass real estate, small, medium, and micro enterprises, financial leasing, and consumer financing.

Furthermore, the FRA's decision mandates that startups adopt the structure of an Egyptian joint-stock company and limit their activities to one or more of the specified areas. Startups should also ensure that technology specialists own at least 25 percent of the capital.

In June, Prime Minister Mostafa Madbouly established a permanent cabinet unit tasked with proposing policies, laws, and regulations to facilitate the growth and prosperity of local startups.