Granite Gains FRA Approval to Launch Digital Money Market in Egypt

Granite Financial Holding, an Egypt-based digital asset manager, has received a fintech licence from the Financial Regulatory Authority, enabling the launch of its Granite Money Market Account mobile application. The approval allows the company to use fintech solutions to receive fund subscriptions and execute purchase and redemption orders for open-ended investment funds through digital channels.

The licence comes as an estimated LE 1.3 trillion in savings certificates is set to mature in January 2026, intensifying competition for liquidity amid shifting interest rate conditions. Granite’s money market account is positioned as an alternative to fixed-term deposits, targeting individuals and institutions holding idle cash who require daily liquidity while earning returns within a regulated framework. The product offers daily compounded returns without lock-in periods.

Through the mobile application, users can complete fully digital account opening and electronic KYC within minutes, access funds at any time, and link the account to any Egyptian bank for transfers. Corporate users are offered a digital dashboard providing real-time visibility into cash positions and liquidity, supporting treasury management through a tax-free return structure and continuous access to funds.

“The FRA's approval is a testament to the robustness of our digital infrastructure and the disciplined process that went into building Granite," Hussein El Sheikh, Co-Founder and Managing Director at Granite, said. "From the beginning, our focus has been on delivering a solution that is both secure and genuinely practical for everyday use."

The fintech licence authorises Granite to operate its digital investment services under the Financial Regulatory Authority’s framework, marking the company’s formal entry into Egypt’s regulated fintech asset management space.