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Tripartite cooperation to launch FAB - Lucky Visa Platinum Credit Card New product to facilitate issuing credit cards for customers via Lucky Egypt app
Lucky Egypt, a cashback, rewards, and payments platform in Egypt and the Middle East, has signed a tripartite cooperation protocol with the First Abu Dhabi Bank and Visa. This cooperation resulted in launching the "FAB – Lucky Visa Platinum Credit Card". The tripartite partnership is the first of its kind in the Egyptian digital payments market. The protocol aims to facilitate obtaining a credit card for customers through the application with simple procedures. If approved, the credit card will be delivered to the customer. The Central Bank of Egypt initially approved the new product. The protocol comes within the framework of the three parties' keenness to provide a set of unique solutions and services that suit all the needs of their customers. The FAB – Lucky Platinum Credit Card provides customers with the highest "cash back" percentage on purchases in Egypt, up to 10%. The Lucky application also provides the ability to view the "cash back" balance and discount rates, in addition to providing various payment methods, whether by transferring the balance to the Lucky wallet, direct deposit with First Abu Dhabi Bank, or through other diverse payment methods offered by the bank. Commenting on the partnership, Ayman Essawy, Co-founder and General Manager of Lucky Egypt, said: "Besides being the first of its kind in the market, Lucky is proud to offer its customers real value and a unique buying experience that can be summed up in 3 key points: First, the ease and speed of using the Lucky application, which gives customers great flexibility in credit card services, whether as purchase transactions or exclusive benefits. Second, providing the highest "cash back" percentage enjoyed by any credit card in Egypt, and third, providing attractive financing facilities, including the possibility of installments and the provision of promotional offers without interest, in addition to the other advantages of the Visa Platinum cards." Mariam Elsamny, Head of Consumer Banking at First Abu Dhabi Bank, said: "We are pleased with our first-of-its-kind partnership with Lucky Egypt and Visa. Through the partnership, we aim to combine digital technology with the power of banking services, which is the best way to provide exceptional financial services. Through the bank's ambitious vision, we seek to establish sustainable strategic partnerships in financial technology. This is to benefit the Egyptian banking sector and support the government's strategy towards financial inclusion and the transition to a digital economy under the objectives of Egypt's Vision 2030." Elsamny affirmed the bank's full readiness to give financial technology companies, represented by the Lucky Egypt application, the ability to take advantage of the bank's robust infrastructure and its various marketing channels. This is mainly to provide a unique and state-of-the-art service, which leads to gaining customers' trust and attracting new customers to deal with the banking sector. She also added that the bank offers a unique, seamless and secure service through the partnership. Furthermore, this service meets the diverse needs of the application's users by applying for and using the credit card with ease and then benefiting from one of the best cashback offers in the Egyptian market. Essam El-Daly, Head of Merchant Sales and Acquisition Activities in North Africa, Levant, and Pakistan for Visa, said: "The FAB – Lucky Visa Platinum Cashback Credit Card is a unique offer for customers, based on mobile technology. This card is also the first one of its kind in North Africa, representing a co-branded cashback model. In addition, the card provides best-in-class APIs with Visa to provide the secure and rewarding payment experiences that our customers in the Egyptian market seek. Among the advantages of the FAB – Lucky Visa Platinum Credit Card is providing its services in the hands of more than 30,000 merchants, which supports both the government's strategy to push the transformation towards digital e-commerce and Visa's local strategy to expand its network in Egypt."
