Efforts by the Central Bank of Egypt towards Financial Inclusion and a Cash-less Society

 

Egyptian financial super app Khazna, which offers easy to use, technology-driven financial services to underserved consumers and micro-businesses, has announced it has obtained final approval from the Central Bank of Egypt (CBE) to launch its Khazna Card in partnership with ADIB Egypt. The company last month raised US$38 million in Series A funding to ramp up its efforts to replace informal cash-driven alternatives across Egypt, and it has now received CBE approval to launch its own card, in partnership with ADIB Egypt. Omar Saleh, CEO of Khazna, said the Khazna Card would develop the startup’s services for the underbanked. “We are combining cutting-edge technology and relentless user obsession to build the best experience for our users. We continue to experience exponential growth in network effects created by our 150,000 active users, our partners, and Egypt’s largest merchants.”