Changelabs has partnered with Arab Bank Egypt through its AB Xelerate program to launch the ABX Egypt Fintech Bootcamp, an intensive three-day program designed to accelerate the growth of leading Egyptian startups focused on financial inclusion and serving the unbanked population.
Tackling a Major Market Opportunity
Despite the continued growth of Egypt’s fintech sector, led by success stories like MNT-Halan and Fawry, a significant portion of the population remains without access to basic financial services. This gap presents a substantial market opportunity for established financial institutions to leverage innovative startup solutions to reach these underserved customers and drive economic empowerment.
Bridging the Gap Between Corporates and Startups
The collaboration aims to create a symbiotic relationship between the established banking sector and the agile startup ecosystem.
Karim Samra, CEO of Changelabs, commented, “Since launching our new corporate services, we’ve seen significant interest from major Egyptian companies in building relationships with startups, but they often struggle to find the right model. Our partnership with AB Xelerate works on two tracks: accelerating Egyptian fintech startups that offer real solutions for underserved communities, and building valuable partnerships between banks and innovative companies.”
Hala Zahran, Head of the AB Xelerate program, added, “Arab Bank is committed to supporting Egyptian innovation and entrepreneurs in the fintech sector while enhancing access to banking services for the unbanked. This is why we launched the AB Xelerate program. We are delighted to collaborate with Changelabs to explore solutions that can reshape the future of financial services in the region.”
Intensive Training and Equity-Free Funding
Following an open call for applications and a rigorous screening process, the top 10 founders were invited to Arab Bank’s headquarters in New Cairo. The bootcamp featured workshops with international experts, in-depth discussions with corporate leaders and investors, and speed-networking sessions with potential clients. The program also included a signature Pitch Hack workshop by Changelabs, culminating in an opportunity for the startups to present to angel investors and venture capital funds.
The winning startups were awarded a total of EGP 300,000 in equity-free funding to fuel their growth.
About Changelabs
Changelabs is a social enterprise that designs and implements accelerator programs for early-stage startups across the Middle East and Africa. It focuses on connecting major corporations with innovative startups to foster collaboration and drive ecosystem growth, positioning Egypt as a burgeoning hub for fintech innovation.
About Arab Bank
Arab Bank is one of the largest financial institutions in the Middle East, offering a wide range of financial products and services for individuals, corporations, and other financial institutions. Through initiatives like the AB Xelerate program, the bank is actively engaging with the fintech ecosystem to support innovation and enhance financial inclusion across the region.
Source: Osoul Misr Magazine
