GRANITE Secures FRA Approval for First EGP-Denominated Money Market Fund
GRANITE Financial Holding, a digitally enabled asset management company, has obtained approval from Egypt’s Financial Regulatory Authority (FRA) to launch its inaugural multi-currency fixed-income fund. The company’s first product, the GRANITE EGP-Denominated Money Market Fund, will be introduced in partnership with Naeem Holding for Investments.
As part of its rollout, GRANITE will debut a fully digital Money Market Account (MMA) through an integrated digital platform, aimed at providing users with a simple and effective way to maximize returns on their liquid assets. The company also announced plans to apply for an FRA license to launch a USD Money Market Fund by the end of the year, a move that underscores its ambitions in the fast-emerging CashTech sector.
Hisham Akram, Founder and CEO of GRANITE Financial Holding, said:
> “The license is a crucial step that underscores our commitment to strict regulatory compliance and our vision to redefine financial asset management in Egypt. By leveraging technology, we aim to transform idle liquidity into financial power for individuals and corporates, enabling wealth growth while contributing to the development of Egypt’s capital markets in close cooperation with regulators.”
Designed to accelerate adoption of money market funds in Egypt, the GRANITE Money Market Fund invests exclusively in Egyptian Treasury bills and government securities. The structure shields investors from credit risk while offering superior yields compared to traditional bank deposits. Corporate account holders also benefit from tax-free returns, while individuals enjoy higher daily yields and full liquidity—helping safeguard purchasing power in a challenging economic climate.
Hussein El Sheikh, Co-Founder and Managing Director of GRANITE, added:
> “The launch of the GRANITE Money Market Fund is the outcome of a clear strategic vision and a practical, results-oriented approach. By offering a simple, guaranteed solution, we enable both corporations and individuals to transform idle cash into a high-yield asset, keeping pace with global financial innovations and ensuring sustainable growth for our clients.”
The FRA is currently reviewing GRANITE’s application for a digital license, which would allow the launch of its digital MMA platform. This step would mark a significant addition to Egypt’s financial ecosystem, aligning with the country’s ongoing digital transformation and rising demand for secure alternatives to traditional savings products.
By addressing a clear market gap, GRANITE aims to position itself as a strategic partner in capital market development and a catalyst for broader financial inclusion in Egypt.