Egypt, S.Arabia step up trade ties through coordination council talks    Egypt reviews progress on $200m World Bank-funded waste management hub    Egypt urges Israel to accept Gaza deal amid intensifying fighting    SCZONE showcases investment opportunities to eight Japanese companies    Egypt, ADIB explore strategic partnership in digital healthcare, investment    SCZONE, Tokyo Metropolitan Government sign MoU on green hydrogen cooperation    Egypt welcomes international efforts for peace in Ukraine    Al-Sisi, Macron reaffirm strategic partnership, coordinate on Gaza crisis    Contact Reports Strong 1H-2025 on Financing, Insurance Gains    Egypt, India's BDR Group in talks to establish biologics, cancer drug facility    AUC graduates first cohort of film industry business certificate    Egyptian pound down vs. US dollar at Monday's close – CBE    Egypt's FM, Palestinian PM visit Rafah crossing to review Gaza aid    Egypt prepares unified stance ahead of COP30 in Brazil    Egypt recovers collection of ancient artefacts from Netherlands    Egypt harvests 315,000 cubic metres of rainwater in Sinai as part of flash flood protection measures    Egypt, Namibia explore closer pharmaceutical cooperation    Fitch Ratings: ASEAN Islamic finance set to surpass $1t by 2026-end    Renowned Egyptian novelist Sonallah Ibrahim dies at 88    Egyptian, Ugandan Presidents open business forum to boost trade    Al-Sisi says any party thinking Egypt will neglect water rights is 'completely mistaken'    Egypt's Sisi warns against unilateral Nile measures, reaffirms Egypt's water security stance    Egypt's Sisi, Uganda's Museveni discuss boosting ties    Egypt, Huawei explore healthcare digital transformation cooperation    Egypt's Sisi, Sudan's Idris discuss strategic ties, stability    Egypt to inaugurate Grand Egyptian Museum on 1 November    Greco-Roman rock-cut tombs unearthed in Egypt's Aswan    Egypt reveals heritage e-training portal    Sisi launches new support initiative for families of war, terrorism victims    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Germany among EU's priciest labour markets – official data    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



ADIB-Egypt forms tri-party cooperation to launch pre-paid 'Khazna Meeza' card
New card will extend mobile financial services to underserved, unbanked segments of Egyptian society
Published in Daily News Egypt on 15 - 06 - 2021

The Abu Dhabi Islamic Bank – Egypt (ADIB-Egypt) announced, on Tuesday, that it is forming a tri-party collaboration with start-up Khazna and Masria Digital Payments (MDP), a leading end-to-end e-payment solutions provider.
The collaboration will see the launch of a Sharia-compliant Meeza pre-paid cobranded card, called the ADIB-Khazna Meeza. The new card will extend mobile financial services to the underserved and unbanked segments of Egyptian society.
It will build upon the Sharia-compliant pre-paid card service Meeza that ADIB-Egypt already provides for its customers.
In 2018, the World Bank estimated that as much as 67% of the Egyptian population remained unbanked, and despite advancements, the unbanked population in Egypt remains high.
The new ADIB-KhaznaMeeza prepaid card is expected to cater to these consumers, delivering convenience, security, and flexibility for cashless payments. It also aims to bolster the Central Bank of Egypt's (CBE) long-term strategy to enhance financial inclusion, and the digitalisation of financial and banking services.
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," he also said, "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."
Aly added that ADIB-Egypt's 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 is expected that the new Meeza pre-paid card will be available to Khanza customers via the KhanzaSuper app very soon. Khanza is an Egyptian start-up that was established in 2019 to address the financial needs of over 20 million Egyptians who are unbanked but active smartphone users.
Omar Saleh, CEO of Khazna, said, "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."
He added, "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."
He also noted that the unique offering is a testament to the significant efforts by the CBE towards financial inclusion and a cashless society.
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 Vice President 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."


Clic here to read the story from its source.