ADIB-Egypt Form Tri-party Cooperation with ‘Khazna’ and Masria Digital Payments to Launch Pre-Paid Card ‘Khazna Meeza’
Cairo, Egypt, xxx, May 2021- Today, ADIB-Egypt announced a tri-party collaboration with the Egypt-based start-up Khazna, and Egypt-based and leading e-payment end to end solutions provider Masria Digital Payments (MDP) to launch a Sharia-compliant Meeza pre-paid cobranded card – ‘ADIB-Khazna Meeza’. The new card will extend mobile financial services to the unbanked segment of Egyptian society and builds upon the Sharia-compliant pre-paid card service Meeza, that ADIB- Egypt bank already provides for its customers.
In 2018, the World Bank estimated that as much as 67% of the Egyptian population remained unbanked. Despite advancements, the unbanked population in Egypt remains high. The new Khazna Meeza prepaid Card is expected to cater to these consumers, delivering convenience, security & flexibility for cashless payments and bolstering the Central Bank of Egypt’s long-term strategy to enhance financial inclusion and the digitalization of financial and banking services.
Talking about their decision to create ‘ADIB-Khanza Meeza, 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. 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. Our 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’s expected that the new Meeza pre-paid card will be available to Khanza customers via the Khanza app very soon. Khanza is an Egyptian start-up that was established in 2019 to address the financial needs of 20+ million Egyptians who are unbanked, but active smartphone users.
“Insert quote” Omar Salah CEO of Khazna said.
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 VP 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. Building on our end-to-end payments Ecosystem, Khazna is able to scale their digital footprint and provide a truly differentiated experience to their consumers connected to the Khazna Application & Card.”
Award-winning ADIB-Egypt was the result of an acquisition of the National Bank for Development (NBD) by a UAE consortium between Abu Dhabi Islamic Bank and Emirates International Investment Company (EIIC) in 2007. At present, the bank is deemed one of the most prominent financial institutions that have ever worked in Islamic banking in Egypt.
ADIB-Egypt employs a well-trained team of over 2,000 employees working closely to provide more services and banking products to fulfil customer needs through a nationwide network of 70 branches, over 100 ATMs. To achieve integration in banking services, the bank established “ADIB Capital”, the investment arm of the bank, and ADILease for financial leasing. The bank continues to work to promote its standing as one of the largest Islamic banks and financial services institutions.
In 2020, ADIB Egypt established two additional companies,ADIB Consumer FinanceandADIBMicrofinance, in order to fulfil growing customer needs and provide convenient and instant service with the use of digital financial technology.
Khazna was founded in 2019 to provide mobile financial services to over 20 million unbanked Egyptians who are active smartphone users but have little access to formal financial services. The company’s core value proposition is to allow users to pay, save, borrow and insure conveniently with minimal face-to-face or phone interaction. 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.
About Masria Digital Payments (mdp)
Masria Digital Payments (mdp) is an enabler of e-Payments providing banks and fintechs with a one-stop-shop for payment products whether physically or virtually. MDP has products with more than 180 financial institutions in 40 countries across Africa and the Middle East.