ADIB-Egypt announced a tri-party collaboration with the Egypt-based start-up Khazna, and Egypt-based and leading e-payment end to end solutions provider Masria Digital Payments (MDP) to launch a Sharia-compliant Meeza pre-paid cobranded card – ‘ADIB-Khazna Meeza’. The new card will extend mobile financial services to the under and unbanked segment of Egyptian society and builds upon the Sharia-compliant pre-paid card service Meeza, that ADIB- Egypt bank already provides for its customers.
In 2018, the World Bank estimated that as much as 67% of the Egyptian population remained unbanked. Despite advancements, the unbanked population in Egypt remains high. The new Khazna Meeza prepaid Card is expected to cater to these consumers, delivering convenience, security & flexibility for cashless payments and bolstering the Central Bank of Egypt’s long-term strategy to enhance financial inclusion and the digitalization of financial and banking services.
Talking about their decision to create ‘ADIB-Khanza Meeza, Mohamed Aly CEO and Managing Director of ADIB-Egypt said, “We are pleased to be able to expand our portfolio of financial solutions with a product that addresses the needs of Egypt’s unbanked community. Over the past few years, we have worked tirelessly to deliver on our vision of providing innovative payment solutions that support the CBE’s long-term strategy to move towards a cashless society. ADIB-Khanza Meeza card marks the culmination of extensive work and collaboration between both ADIB and Khazna and we are genuinely proud to be working with this impressive financial start-up. Our cooperation is built upon a shared vision to cater to customers unfamiliar with banking services and was made possible by the support of CBE and their guidance to the industry.”
It’s expected that the new Meeza pre-paid card will be available to Khanza customers via the Khanza Super app very soon. Khanza is an Egyptian start-up that was established in 2019 to address the financial needs of 20+ million Egyptians who are unbanked, but active smartphone users.
“We are excited about our partnership with ADIB to launch the Khazna Card to enhance our offering to our target segment of under- and unbanked Egyptians. Through Khazna Card, Khazna’s users have instant 24/7 access to their wages and to peer transfers in addition to other financial services in a seamless and digital experience that is the first of its kind in Egypt. This unique offering is a testament to the significant efforts by the Central Bank of Egypt towards financial inclusion and a less-cash society.” Omar Saleh, CEO of Khazna said.
To support the roll out of the pre-paid card, ADIB-Khanza Meeza will be delivered via leading e-payment provider MDP. MDP provides physical and virtual one-stop-shop solutions for payment products for banks and financial businesses. Through MDP ADIB-Khanza Meeza will become a more accessible payment solution for unbanked Egyptians across the country.
Talking about their role to facilitate ADIB-Khanza Meeza payments, Ahmed Nafie Executive VP of MDP said “We are excited to be working with Khazna on their Khazna Co-branded Meeza card which will disrupt the finance market in Egypt. Building on our end-to-end payments Ecosystem, Khazna is able to scale their digital footprint and provide a truly differentiated experience to their consumers connected to the Khazna Application & Card.”
