Egypt’s Copal and Mastercard launch family payment app

Cairo-based fintech start-up, Copal, has teamed up with global payments technology company, Mastercard, to launch Egypt’s first family payment and expenses management application. The Copal app aims to drive financial inclusion in the country by integrating underbanked youth into the formal economy and providing a cashless experience for all family members.

The app is designed to give parents and custodians control over young family members’ funds, allowing them to easily track and manage finances and ensure safekeeping of allowances. Additionally, the app comes with simplified financial education tools to support the inclusion of youth in the digitised payment ecosystem, helping them become more financially savvy.

The strategic partnership with Mastercard is expected to offer Copal custom solutions and expertise to help the start-up grow and expand in Egypt and beyond. Mastercard will also leverage its technologies to modernise and deliver innovative solutions that unlock the true potential of inclusive growth, bringing more people into the digital economy.

Commenting on the partnership, Ahmed Refaat, co-founder and CEO of Copal, said, “Copal’s vision is to fill the gap for the un- and under-banked through introducing a product that is tailored specifically to tailor for their every need. We are proud to partner with Mastercard, and we are confident that, with their leadership and support, Copal will grow and expand as fast as we ambitiously planned.”

Adam Jones, country general manager: MENA Central for Mastercard, said, “Our partnership with Copal demonstrates our commitment to expanding the financial digital market in Egypt by providing our partners with the necessary services and tools to transform bold ideas and achieve scale at pace.”

Launched in February 2022 as a joint-stock fintech company, Copal’s mission is to raise a new financially savvy generation and introduce them to a cashless lifestyle.

The company is committed to providing comprehensive financial services to the underbanked segments of the population, with a focus on broadening access to digital finance. Copal plans to fully onboard in Egypt and then expand across Africa.

With this strategic partnership, Mastercard continues to grow its presence in Egypt’s fintech scene, offering its partners the necessary services and tools to transform bold ideas and achieve scale at pace. The partnership will also enable Copal to build, launch, and grow at each stage of their journey, establishing a solid presence in Egypt before expanding across the African continent.

In conclusion, the Copal-Mastercard partnership marks a significant milestone in the Egyptian fintech scene, offering innovative payment solutions that promote financial inclusion and a cashless lifestyle.

The app’s features, including parental control, simplified financial education tools, and seamless cashless transactions, make it an ideal solution for the underbanked segments of the population. The partnership is expected to contribute to the growth and expansion of the fintech industry in Egypt, with Copal leading the way as a fintech start-up committed to raising a new generation of financially literate individuals.

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