Telda, Egypt’s Fintech Receives Final Approval from The Central Bank of Egypt to Launch Telda Card and App
Telda, an Egyptian fintech startup, has officially received the final approval from The Central Bank of Egypt (CBE) to start operating its card and application in the Egyptian market in a stride to fulfill financial inclusion and digital transformation goals as envisioned by the country’s apex bank.
The Telda app provides a wide range of features, including the free issuance of Mastercard-powered prepaid cards. Prepaid cards can be used for online, in-store, and cash withdrawals from any ATM worldwide, providing a fully integrated payment experience without needing a bank account. Users will also be able to send and receive money instantly and for free from any Telda user, as well as manage their accounts and spending via the control and insights features, which keep users on top of their spending habits and complete control of what their card can do.
The fintech startup is a financial brand designed for Millennials and Generation Z. They are looking for innovative and simple ways to manage and monitor their expenses without going to the bank to open an account.
Ahmed Sabbah, CEO and Co-Founder of Telda in a statement said, “We are very happy to have received 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.”
“Telda is a completely new financial experience that empowers young people to use more advanced technological solutions.” “We want to change people’s attitudes toward money by offering a better and more efficient banking experience as an alternative to traditional payment and transfer methods,” Sabbah added.
This step is consistent with the country’s vision of achieving financial inclusion, allowing all citizens to obtain advanced financial services that meet their needs and, in turn, lead to sustained economic growth for both individuals and the country.
A Look at What Telda Does
Telda, founded in 2021 by Swvl’s co-founder and former CTO Ahmed Sabbah and Youssef Sholqamy, offers a wide range of services, including the free issuance of Mastercard-powered prepaid cards. Prepaid cards provide a fully integrated payment experience without a bank account, as they can be used for online purchases, in-store purchases, and cash withdrawals from any ATM in the world. Furthermore, users will be able to send and receive money instantly and for free from any other Telda user, as well as monitor their accounts and spending through control and insights tools that make users aware of their spending habits and in complete control of what their card can accomplish.