Granite Launches Egypt’s First Fully Digital Money Market Account

Granite Financial Holding has secured a fintech licence from Egypt’s Financial Regulatory Authority, clearing the way for what it says is the country’s first fully digital money market account. The approval, issued on 15 January, allows Granite to use technology to accept fund subscriptions and process buy and sell orders for open-ended investment funds. In simple terms, it means the company can finally roll out its Granite Money Market Account through a mobile app, with no paper trails or branch hopping – and that’s no small thing.

The timing is spot on. Around EGP 1.3 trillion worth of savings certificates are expected to mature this month, and banks are already jostling to keep deposits as interest rates wobble. Granite is taking a slightly different tack. Instead of locking money away, its account is aimed at people and institutions sitting on idle cash who want it liquid, accessible, and working for them daily. No lock-ins, no drama. I’ve seen founders across the MENA region struggle with cash that just sits there doing nothing, and honestly, that always felt like a bit of a faff to fix… until products like this came along.

According to Granite, users can open an account entirely online, complete e-KYC in minutes, and access their funds 24/7 while earning daily compounded returns under a regulated money market structure. The account can be linked to any Egyptian bank account, making transfers back and forth fairly painless. For businesses, there’s also a real-time dashboard to track liquidity and cash flow, plus a tax-free return setup designed to nudge finance teams towards more disciplined treasury management. I reckon that’s where the real value is, especially for startups juggling runway anxieties.

Hisham Akram, the company’s founder and CEO, said the licence marks a key milestone in Granite’s strategy and underlines its focus on regulatory compliance and modernising asset management. He pointed to the importance of blending institutional-grade security with simple digital experiences for both individuals and corporations. On the flip side, none of this works without trust, and in Egypt’s financial sector, trust is everything.

Hussein El Sheikh, co-founder and managing director, described the FRA’s green light as validation of Granite’s underlying digital infrastructure, noting that the product was built to be practical for everyday use. Mahmoud Moursy, co-founder and CTO, echoed that view, saying the team focused on security, compliance, and performance from day one, rather than bolting them on later. “We’re not building another fintech app; we’re building the next generation of regulated financial accounts,” he said.

All told, Granite’s move reflects a broader shift in how cash is viewed, not as money to park or chase short-term yield, but as a strategic asset that should stay liquid and transparent while quietly doing its job. I’m not a fan of flashy promises in fintech, but this feels grounded, well… definately one to watch for Arageek readers keeping an eye on Egypt’s evolving financial scene.

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