Khazna receives Central Bank of Egypt approval to launch Khazna Card

Cairo-based fintech Khazna announced on 15 June that it has partnered with ADIB Egypt and Masria Digital Payments (MDP), to launch the Khazna Card, a Meeza prepaid card linked to its Super App.

 Khazna helps over 20-million underbanked Egyptians access secure smartphone-based financial services 

 The fintech was founded in 2019 by Omar Saleh, Ahmed Wagueeh, Fatimah El Shenawy and Omar Sala to help over 20-million underbanked Egyptians access convenient, effective and secure smartphone-based financial services

The Khazna Super App

Khazna’s Super App allows users access to features like Earned Wage Access, Bill Payment and Purchases of household and electronic products, while the Khazna Card gives users 24/7 access to their wages, minimising cash transactions. The user-centric, mobile-only experience comes at no cost or liability to the employer or the partner organisation.

Investment in this innovative offering reflects the efforts of the Central Bank of Egypt to increase financial inclusion and create a cashless society. Initially, the offering will be extended to employees, contractors and customers of Khazna’s partners, who employ over 250 000 people and work with millions of contractors and customers. 

The Egyptian labour market relies heavily on informal short-term loans to cover liquidity gaps between paychecks. The platform allows Khazna’s partners to provide added benefits, increase loyalty, streamline wages and payments, and replace short-term loans conveniently.

Khazna’s corporate partners include some of Egypt’s largest employers, such as Hassan Allam Holding, Orascom Construction and Ezz Steel, and is backed by renowned investors, including Accion Venture Lab, Algebra Ventures and Disruptech Ventures.

Saleh, Khazna’s co-founder and CEO stated that “Khazna is focused on bringing customer-centric services to over 20 million active smartphone users in Egypt who lack access to formal banking and financial services. This wouldn’t have been possible without the significant momentum created by the Central Bank of Egypt towards digitisation and financial inclusion.”

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Featured image: The Khazna team (Supplied)