GRANITE secures FRA approval for 1st EGP-denominated money market fund

Arab Finance: GRANITE Financial Holding, a digitally enabled asset management company, has received approval from the Financial Regulatory Authority (FRA) to launch its multi-currency fixed-income fund, as per an emailed press release.

The company’s inaugural issuance will be the “GRANITE EGP-Denominated Money Market Fund,” in partnership with Naeem Holding for Investments.

GRANITE’s immediate focus is to roll out its fully digital Money Market Account (MMA) through an integrated digital platform, which will offer users a simple and effective way to increase returns on their liquid cash.

The company also plans to apply for an FRA license to introduce a USD Money Market Fund by the end of the year.

The move reflects GRANITE’s strategy to develop its presence in the cashtech sector, combining expertise in asset management and fixed-income instruments with digital solutions to enhance cash management for individuals and corporates.

The GRANITE EGP-Denominated Money Market Fund aims to support the wider adoption of such funds in Egypt. It invests exclusively in Egyptian Treasury bills and government securities, reducing credit risk while providing returns that exceed those of conventional bank deposits.

For corporates, the fund offers access to tax-free returns, while individual investors can benefit from higher daily yields and full liquidity, helping maintain purchasing power in the current economic environment.

The FRA is currently reviewing GRANITE’s application for a digital license, which would allow the company to launch its digital Money Market Account.

Once approved, the digital platform is expected to contribute to Egypt’s financial landscape, aligning with the country’s digital transformation and the growing demand for reliable alternatives to traditional savings products.