Egypt fintech startup launches country’s first digital wallet

Egypt-based fintech startup, Raseedy has partnered with The Saudi Investment Bank (SAIB) and Mastercard to launch the country’s first independent licensed digital wallet. The new fintech innovation allows users to transfer money, make payment via QR code, pay regular bills, issue online virtual debit cards and receive remittance internationally.

Egypt’s first independent licensed digital wallet offers an alternative convenient payment method for users

Jacques Marco, co-founder and CEO at Raseedy explains that the fintech expects the digital wallet to be used by one million people in the months to come, giving users the opportunity to better manage their finances.

“We are proud to announce Raseedy’s launch. We believe that it is our mission at Raseedy to improve our users’ lives by giving them more control and visibility over their finances. With the government’s push towards financial inclusion and digital transformation, launching our independent wallet now is the prime opportunity for Raseedy. We are excited to see our wallet hit the one-million users’ milestone in the coming months.”

An innovative fintech product

Founded in 2018 by Jacques and Karl Marco, Raseedy has built and developed the technology for Egypt’s first digital wallet. The objective of the digital wallet is to offer a reliable alternative to cash payments in Egypt. The digital wallet is a lightweight, cross-platform mobile app that grants users financial flexibility and security.

The digital wallet is licensed by the Central Bank of Egypt and certified by Meeza which is the national payment’s scheme operator.

Digital inclusivity

The Egypt fintech startup combines their business-to-customer (B2C) and business-to-business (B2B) model and applies this to digital financial inclusivity, resulting in a wide range of financial services for users. 

Disbursement and collection solutions are presented to Raseedy’s business partners, as a number of clients are currently utilisng the fintech’s services for payroll and microfinance-specific use cases.

Karl Marco, co-founder and COO/CPO at Raseedy, speaks about user inclusivity and the benefits the digital wallet has as customers and businesses can receive and transfer money via the app.

“We, at Raseedy, have a vision that our digital wallet will substitute cash in everyday life in an efficient, transparent, and cost-effective way. We strive to deliver easy-to-use, trustworthy, and innovative digital solutions. Raseedy achieves this by focusing on having simple registration procedures and an intuitive user experience accessible at every socio-economic level.”

Read more:Vinny Lingham’s Civic launches consumer-first digital wallet
Read more:Egypt startup receives first new brokerage license in the country in over a decade

Featured image: Jacques Marco, co-founder and CEO of Raseedy (Supplied)