CBE: Young Talents Represent 50% of FinTech Founders in Egypt
Egypt FinTech landscape report 2021- recently issued by FinTech Egypt, an initiative by the CBE-indicated that FinTech’s founders are between the ages of 25 and 35 years old (representing more than 50%).
As for their educational level, 64% of entrepreneurs have bachelor’s degree, while around 33% completed their master’s degree and only 3% acquired their Ph.D. degree.
Moreover, concerning the most in-demand skills;Technology & Software came on top of the list with 75%, followed by Business Development & Product Management with 55% and finally Sales & Customer Support with 40%.
As for startups’ gender diversity, the report indicated that only 18 FinTech startups have female co-founders, representing 16% of the totaloperating startups. Also, surveys show that an average of 70-30 ratio of male-female employees are represented in FinTech startups.
The report also indicated that FinTech startups aspire to expand globally, as around 24 of the surveyed Egyptian FinTech startups have expanded regionally and internationally, where they have asignificant presence in MENA region, GCC region and Europe.
It is also worth mentioning that around 33 startups out of 88 are planning to expand in the upcoming 12 months with major focus on MENA region.
The report has also showed that Payments & Remittances signify the most dominant FinTech sub-sector in the Egyptian market with 30% out of the 122 startups, followed by Lending &Alternative Financing with 13%, while the other sectors of FinTech are diversified in a relatively even manner, and thus complements the optimalobjective in fulfilling customers’ diversified needsfor financial services.
