Khazna, a fintech company, has announced that it has received the Central Bank of Egypt’s (CBE) approval to launch its prepaid card in cooperation with Abu Dhabi Islamic Bank – Egypt (ADIB).
Khazna Card will bear the logo of the National Payments Network “Meeza”, as part of CBE’s strategy to transform towards a cashless society and enhance financial inclusion.
Khazna card allows money withdrawal and deposit, online payment, and payroll.
Mohamed Ali, CEO and Managing Director of ADIB – Egypt, expressed his happiness with obtaining the approval of the CBE to launch “Khazna Card”, which could lead to a leap in the financial technology market in Egypt.
He added that this partnership reinforces the bank’s expansion strategy in the Egyptian market as a comprehensive global bank. The bank is witnessing developments in all sectors, the most important of which is the retail banking sector to lead the Egyptian market with smart digital banking solutions and a product that addresses the needs of Egyptians outside the banking system.
Ahmed Effat, Head of the Retail Banking Sector at ADIB – Egypt, said that the partnership with Khazna was the first of its kind in the Egyptian market to keep pace with the market demand.
“We seek to provide advanced digital payment solutions with ease and security to reduce cash dealing, in an effort to facilitate dealing with electronic means provided by the bank. This aims to improve customer service and reach the largest number of customers, especially those who do not deal with the banking system”, he added.
Omar Saleh, CEO of Khazna, expressed his happiness in partnering with ADIB – Egypt to launch the Khazna card to develop the company’s services for the target groups.
He explained that by using the Khazna card, users can receive wages in real time in addition to other financial services in an easy and digital way through the application, and these services reflect the efforts made by CBE to transform towards a digital society and enhance financial inclusion in an unprecedented way.
Khazna recently announced that it has secured $38m funding in its Series A investment round, led by Kona Capital, one of the largest investment funds in fintech startups, in partnership with Lendable. “Nclude”, Speed, Algebra Venture, Accion Venture Lab, Disruptech, Khwarizmi Ventures, Arab Bank, C Ventures and others took part in the funding. The total investment in the company reached $47m since its inception in 2020.