Mastercard, in collaboration with Money Fellows and Banque Misr, has launched a prepaid card in Egypt, aimed at enhancing financial inclusion and accessibility.
The initiative targets the 71.5 per cent of Egyptians who are formally included in the financial system, offering features like online purchases, ATM transactions and exclusive discounts.
The card, free during its launch phase, is designed to support financial planning, savings and credit access for users aged 16 and above, particularly benefiting the youth and underbanked communities.
“This collaboration demonstrates our commitment to creating innovative solutions that drive financial inclusion,” said Adam Jones, executive vice president and division president for West Arabia, Mastercard. “By launching Money Fellows prepaid card, we are supporting Egypt’s efforts to expand access to secure financial services through tailored solutions, especially for youth and underserved communities.”
Working together
Ahmed Eisa, deputy CEO at Banque Misr, added: “We are proud to be part of this groundbreaking initiative with Money Fellows and Mastercard, as it constitutes a qualitative leap in the fintech domain”.
Eisa explained that by issuing the first ROSCA prepaid card, Banque Misr aims to empower a wider demographic, especially youth and the underbanked, with secure and contemporary financial services.
He described the partnership as a strategic fit with Banque Misr’s commitment to digital transformation and delivering financial solutions that cater to the changing needs of our customers, fostering a more inclusive and robust economy.
Ahmed Wadi, founder and CEO of Money Fellows, also commented: “We are thrilled to be the first in the ROSCA subsector to launch a prepaid card alongside Mastercard and Banque Misr, our trusted partners. Their expertise, innovative approach, and cutting-edge technology inspire confidence in the potential of this product.
“With Mastercard’s and Banque Misr’s support, we are excited to deliver a premium experience that aligns with our vision for financial empowerment and users’ needs for financial accessibility, integration, and convenience.”
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