The Abu Dhabi Islamic Bank – Egypt (ADIB-Egypt) announced, on Tuesday, that it is forming a tri-party collaboration with start-up Khazna and Masria Digital Payments (MDP), a leading end-to-end e-payment solutions provider.
The collaboration will see the launch of a Sharia-compliant Meeza pre-paid cobranded card, called the ADIB-Khazna Meeza. The new card will extend mobile financial services to the underserved and unbanked segments of Egyptian society.
It will build upon the Sharia-compliant pre-paid card service Meeza that ADIB-Egypt already provides for its customers.
In 2018, the World Bank estimated that as much as 67% of the Egyptian population remained unbanked, and despite advancements, the unbanked population in Egypt remains high.
The new ADIB-KhaznaMeeza prepaid card is expected to cater to these consumers, delivering convenience, security, and flexibility for cashless payments. It also aims to bolster the Central Bank of Egypt’s (CBE) long-term strategy to enhance financial inclusion, and the digitalisation of financial and banking services.
Mohamed Aly, CEO and Managing Director of ADIB-Egypt, said, “We are pleased to be able to expand our portfolio of financial solutions with a product that addresses the needs of Egypt’s unbanked community.”
“Over the past few years, we have worked tirelessly to deliver on our vision of providing innovative payment solutions that support the CBE’s long-term strategy to move towards a cashless society,” he also said, “ADIB-Khanza Meeza card marks the culmination of extensive work and collaboration between both ADIB and Khazna and we are genuinely proud to be working with this impressive financial start-up.”
Aly added that ADIB-Egypt’s cooperation is built upon a shared vision to cater to customers unfamiliar with banking services and was made possible by the support of CBE and their guidance to the industry.
It is expected that the new Meeza pre-paid card will be available to Khanza customers via the KhanzaSuper app very soon. Khanza is an Egyptian start-up that was established in 2019 to address the financial needs of over 20 million Egyptians who are unbanked but active smartphone users.
Omar Saleh, CEO of Khazna, said, “We are excited about our partnership with ADIB to launch the Khazna Card to enhance our offering to our target segment of under- and unbanked Egyptians.”
He added, “Through Khazna Card, Khazna’s users have instant 24/7 access to their wages and to peer transfers, in addition to other financial services in a seamless and digital experience that is the first of its kind in Egypt.”
He also noted that the unique offering is a testament to the significant efforts by the CBE towards financial inclusion and a cashless society.
To support the roll out of the pre-paid card, ADIB-Khanza Meeza will be delivered via leading e-payment provider MDP.
MDP provides physical and virtual one-stop-shop solutions for payment products for banks and financial businesses. Through MDP, ADIB-Khanza Meeza will become a more accessible payment solution for unbanked Egyptians across the country.
Talking about their role to facilitate ADIB-Khanza Meeza payments, Ahmed Nafie, Executive Vice President of MDP, said, “We are excited to be working with Khazna on their Khazna Co-branded Meeza card, which will disrupt the finance market in Egypt.”