Egyptian Fintech Startup Khazna to launch prepaid card
Egyptian Fintech startup Khazna has announced has partnered with the Abu Dhabi Islamic Bank (ADIB) Egypt and Masria Digital Payments (MDP) to launch its Khazna Card.
With Khazna’s super app already able to provide users with earned wage access, bill payment, and purchases of electronics and household products, the partnership will enable users to link the Khazna Card as a prepaid card that can be linked to Khazna’s super app. This combo will allow users to have instant 24/7 access to their wages. The startup will extend the offering initially to the employees, contractors, and customers of its partners.
Khazna was founded in 2019 with the aim of empowering Egypt’s labor force by extending world-class financial services. The startup has since provided mobile financial services to over 20 million underbanked Egyptians who are active smartphone users but have little access to formal financial services.
The startup which raised an undisclosed seed fund last year has now announced its partnership with ADIB and also received Central Bank of Egypt approval for Khazna Card.
In partnership with major banking and corporate partners, Khazna is launching products that provide alternatives to the informal market in Egypt.