Khazna, an Egyptian financial super app that provides underserved consumers and microbusinesses with simple, technology-driven financial services, has announced that it has received final approval from the Central Bank of Egypt (CBE) to launch its Khazna Card in partnership with ADIB Egypt.
Khazna was launched in 2020 as an earned wage access product, but it has since evolved into a multi-product that caters to the 50% of Egyptians who use smartphones but do not have access to formal financial services. It now provides general credit, buy now pay later (BNPL), and bill payment services.
The startup gained CBE clearance to create its own card, in cooperation with ADIB Egypt, after raising US$38 million in Series A funding last month to scale up its attempts to replace informal cash-driven alternatives across Egypt.
The Khazna Card, according to Omar Saleh, CEO of Khazna, will expand the startup’s offerings for the underbanked.
“The unprecedented evolution of Egypt’s nascent fintech industry is a testament to the significant efforts by the Central Bank of Egypt towards financial inclusion and a less-cash society. We are aligned with CBE’s vision and Khazna at its core believes that world-class financial services should be available to all,” he said.
“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.”
“Obtaining the final approval from the CBE to launch Khazna Card, will help in revolutionising the fintech market in Egypt. Our partnership with Khazna reinforces our expansion strategy in the Egyptian market. We certainly look forward to becoming a comprehensive, global bank that operates in the retail banking sector,” said Mohamed Ali, CEO and managing director of ADIB Egypt.
“Over the past few years, ADIB Egypt has exerted effort in providing innovative payment solutions, leading the Egyptian market with smart digital banking solutions, and finally offering products that cater to the needs of the Egyptian underbanked community.”