I recently had the pleasure of speaking with Karl Marco, co-founder of Octo, an Egyptian fintech startup providing digital financial services, on my podcast. Karl shared invaluable lessons on building a fintech company from the ground up in Egypt. Here are some of the key takeaways from our conversation:
Octo aims to provide financial services to the unbanked and underbanked population in Egypt, offering a digital payment solution and a credit line combined in one.
The market in Egypt is largely untapped, with only 24 million out of 110 million Egyptians having bank accounts.
Octo focuses on the B segment, targeting employed individuals who are banked but lack access to formal credit.
The biggest challenge for Octo has been navigating the regulatory regime in Egypt and overcoming resistance to change in the financial industry.
Building a strong team that shares the vision and culture of the company is crucial for Octo's success.
Octo's plans for growth and expansion are focused on becoming a market leader in Egypt before considering expansion to other markets with similar financial structures and socioeconomic conditions.
Unlocking Financial Access in Egypt