Egypt’s Khazna receives final approval from Central Bank to launch Khazna Card

0

Egyptian financial super app Khazna, which offers easy to use, technology-driven financial services to underserved consumers and micro-businesses, has announced it has obtained final approval from the Central Bank of Egypt (CBE) to launch its Khazna Card in partnership with ADIB Egypt.

Launched in 2020, Khazna began life as an earned wage access product, but has since grown into a multi-product that caters to the 50 per cent of Egyptians who are active smartphone users yet lack access to formal financial services. It currently offers general purpose credit, buy now pay later (BNPL), and bill payment. 

The company last month raised US$38 million in Series A funding to ramp up its efforts to replace informal cash-driven alternatives across Egypt, and it has now received CBE approval to launch its own card, in partnership with ADIB Egypt.

Omar Saleh, CEO of Khazna, said the Khazna Card would develop the startup’s services for the underbanked.

“The unprecedented evolution of Egypt’s nascent fintech industry is a testament to the significant efforts by the Central Bank of Egypt towards financial inclusion and a less-cash society. We are aligned with CBE’s vision and Khazna at its core believes that world-class financial services should be available to all,” he said. 

“We are combining cutting-edge technology and relentless user obsession to build the best experience for our users. We continue to experience exponential growth in network effects created by our 150,000 active users, our partners, and Egypt’s largest merchants.” 

“Obtaining the final approval from the CBE to launch Khazna Card, will help in revolutionising the fintech market in Egypt. Our partnership with Khazna reinforces our expansion strategy in the Egyptian market. We certainly look forward to becoming a comprehensive, global bank that operates in the retail banking sector,” said Mohamed Ali, CEO and managing director of ADIB Egypt.

“Over the past few years, ADIB Egypt has exerted effort in providing innovative payment solutions, leading the Egyptian market with smart digital banking solutions, and finally offering products that cater to the needs of the Egyptian underbanked community.”

Share.

About Author

Passionate about the vibrant tech startups scene in Africa, Tom can usually be found sniffing out the continent's most exciting new companies and entrepreneurs, funding rounds and any other developments within the growing ecosystem.

Comments are closed.