The Central Bank of Egypt (CBE) officially granted Telda the final approval to launch its prepaid card and application in the Egyptian market, in a stride to fulfill financial inclusion and digital transformation goals as envisioned by the CBE.
The Telda app offers a wide spectrum of features including the issuance of prepaid cards powered by Mastercard for free. The prepaid cards can be used for online, in-store payments, and cash withdrawals from any ATM around the world, providing a fully integrated payment experience without the need of having a bank account. Users will also be able to send and receive money from any Telda user instantly and for free, as well as manage their accounts and spending through the control and insights features that keeps users on top of their spending habits and in full control of what their card can do.
Telda is a financial brand that is built for Millennials and Gen Z, who are eagerly looking for smart and easy ways to manage and monitor their expenses without the need of going to the bank to set up an account.
CEO and Co-founder of Telda, Ahmed Sabbah, stated: “We are very happy to have receive the final license from the Central Bank of Egypt to launch the Telda app and card, as we strive to participate in the country’s transformation into a digital economy and help accomplish the Central Bank’s vision to achieve financial inclusion through constantly offering smart and fast payment solutions.”
Sabbah added: “Telda is an entirely new financial experience that empowers the youth to indulge into using more advanced technological solutions. We aim to change the way people think and feel about money by providing a better and more efficient banking experience as an alternative to the traditional payment and transfer methods.”
This step comes in alignment with the country’s vision to achieve financial inclusion, allowing all citizens to obtain advanced financial services that fit with their needs, and ultimately lead to sustained economic growth for the individuals as well as the country.