GRANITE Financial Secures Approval for Egypt’s First EGP Money Market Fund

Egypt’s fintech scene has been bubbling for a while now, and GRANITE Financial Holding seems to be stirring it up even more. The digitally-led asset management firm has just bagged approval from Egypt’s Financial Regulatory Authority (FRA) to roll out its first-ever EGP-denominated money market fund. Not bad for a newcomer aiming to shake up how both individuals and businesses handle their cash.

The freshly approved fund—set up in partnership with Naeem Holding for Investments—marks GRANITE’s first issue under its multi-currency fixed-income strategy. What caught my eye, though, is their next big step: launching a fully digital Money Market Account (MMA). The idea, as the company puts it, is to give users a slick, secure way to make the most of idle cash through a seamless digital platform. Quite handy for anyone tired of the usual bank faff.

And there’s more brewing. GRANITE’s already eyeing a USD-denominated fund by the end of the year, pending another green light from regulators. The firm’s making a definite play for what people here are calling *CashTech*—that sweet spot between financial technology and liquidity optimisation. I reckon this could nudge Egypt’s asset management industry a little closer to what we’re seeing in global markets.

Founder and CEO Hisham Akram described the FRA’s approval as a vital milestone in the company’s plans to modernise Egypt’s financial services. He highlighted that GRANITE’s mission is rooted in “transforming idle liquidity into financial power,” ensuring that capital works harder—not just for individuals chasing better returns, but for corporates trying to navigate a volatile economy. It’s a bold ambition, but spot on for the moment, especially with inflation keeping everyone on their toes.

The company says its EGP Money Market Fund will invest purely in government securities and Treasury bills—essentially cutting out credit risk while delivering returns higher than traditional deposits. Corporate clients get tax-free returns, which is always a nice bonus, while individuals get daily yields and instant liquidity. In a place where every pound seems to be losing value a bit too quickly these days, that’s definately appealing.

Co-founder and Managing Director Hussein El Sheikh added that the launch was the result of a “practical approach to financial management,” built to transform idle cash into productive assets. To be fair, that’s exactly the type of practical innovation that speaks to what we, at Arageek, often see in the region’s most promising startups—big ideas wrapped in simple, usable solutions.

The FRA is still reviewing GRANITE’s separate application for a digital licence, but once that comes through, the company can fully activate its platform. If successful, it could become a key player in Egypt’s digital transformation push, offering people a safer, paperless way to save and invest. On the flip side, the local competition is heating up fast, so staying ahead will require more than a shiny app. Still, if GRANITE pulls this off, they might just prove that cash—when paired with smart tech—can be far from boring.

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