Egyptian fintech startup Khazna has partnered Abu Dhabi Islamic Bank (ADIB) Egypt and Masria Digital Payments (MDP) to launch “Khazna Card”, a prepaid card linked to Khazna’s “super app” aimed at empowering Egypt’s labour force by extending world-class financial services.
Founded in 2019, Khazna aims to provide mobile financial services to over 20 million underbanked Egyptians who are active smartphone users but have little access to formal financial services.
In partnership with major banking and corporate partners, Khazna is launching products that provide alternatives to the informal market in Egypt. Its first offering is a salary cash advance product that is made available through Khazna’s corporate partners as a benefit to employees, helping individuals with limited access to credit to cover for unforeseen emergencies.
Khazna raised an undisclosed round of seed funding led by Algebra Ventures in 2020, and has now received Central Bank of Egypt approval for Khazna Card, launched in partnership with ADIB Egypt.
Khazna’s super app provides its users with earned wage access, bill payment and purchases of electronics and household products. Through the Khazna Card, users have instant 24/7 access to their wages. The startup will extend the offering initially to the employees, contractors and customers of its partners.