Granite secures licence to launch digital money market account

By Vriti Gothi

Granite Financial Holding has received a FinTech licence from Egypt’s Financial Regulatory Authority (FRA), clearing the way for the launch of what it says will be the country’s first fully digital money market account, as competition for liquidity intensifies across the financial sector.

The licence authorises the digitally enabled asset manager to use financial technology to accept fund subscriptions and process purchase and redemption orders for open-ended investment funds. With regulatory approval in place, Granite plans to immediately roll out its proprietary mobile application, the Granite Money Market Account (Granite MMA).

The product allows individuals to open accounts entirely online through a mobile app, complete e-KYC verification within minutes, and manage investments without paperwork or branch visits. Users will have same-day access to funds, daily compounded returns and no lock-in periods, according to the company. The account can also be linked to any Egyptian bank account, enabling transfers in and out.

Beyond retail investors, Granite said the platform is designed to support corporate and institutional clients by offering real-time visibility into liquidity positions and cash flows, positioning the product as a digital treasury management tool as well as an investment vehicle.

Hisham Akram, founder and chief executive of Granite Financial Holding, said, “Securing this digital licence marks a crucial step in executing our strategy. It reinforces our commitment not only to regulatory compliance but to contributing to the evolution of the financial ecosystem. With this foundation in place, we are positioned to advance our vision of modernising financial asset management through technology-led, client-centric solutions.”

The launch comes at a critical juncture for Egypt’s financial market. Around EGP 1.3 trillion worth of savings certificates are expected to mature from January 2026, increasing pressure on banks and financial institutions to retain deposits amid changing interest rate dynamics. Against this backdrop, digitally delivered money market products are emerging as an alternative channel for capturing and reallocating liquidity.

Granite’s entry reflects a broader push by Egyptian regulators to encourage FinTech adoption within capital markets, as digital platforms play a growing role in expanding access to investment products and improving market efficiency across North Africa’s largest economy.