The International Finance Corporation is the largest global development institution for private sectors of developing countries. It applies financial resources, technical expertise innovation, and global experience to help private organizations overcome the challenges involved in doing business.
The recent launch of a two years accelerator for fintechs in Egypt will help them tackle financial and operational challenges. During this time, Pride Capital Startup Bootcamp and AUC Venture Lab will implement the program at the American University in Cairo.
In the recent past, the IFC has promoted innovation in microfinance, banking, payments, and identity authentication in the financial service sector. The rapid growth of fintechs in the continent is promoting innovations and driving competition in the industry.
See Also: Finplus Opens an Office in Johannesburg as it Plans to Expand Outside Kenya
The Country Manager of IFC MENA, Walid Labadi noted that the entrepreneurs will be motivated through the accelerator program to support innovations in the financial services sector. They will invariably create more jobs and develop technologies in the country.
IFC has created jobs and raised the standards of living of millions in more than 100 countries. It is a member of the World Bank Group and is headquartered in Washington D. C.
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