Copal, Egypt’s digital family payment solutions app, has partnered with Mastercard to introduce its family payment and expenses management app in Egypt.
With the partnership, Copal aims to drive financial inclusion across the country through the integration of underbanked youth into the formal economy. The solution has a simplified financial education tools that support the inclusion of youth in the digitized payment ecosystem and helps them become more finance-savvy.
Adam Jones, Country General Manager, MENA Central at Mastercard, said “At Mastercard, we leverage technologies to modernize and deliver innovative solutions that unlock the true potential of inclusive growth and bring more people into the digital economy. Our partnership with Copal demonstrates our commitment to expand the financial digital market in Egypt by providing our partners with the necessary services and tools to transform bold ideas and achieve scale at pace.”
Launched in February 2022,Copal aims to provide comprehensive financial services to the underbanked segments of the population, while also broadening access to digital finance. Copal wants to fully onboard in Egypt and then expand across Africa.
The app’s features, including parental control, simplified financial education tools, and seamless cashless transactions, make it an ideal solution for the underbanked segments of the population.
The partnership is expected to contribute to the growth and expansion of the fintech industry in Egypt, with Copal leading the way as a fintech start-up committed to raising a new generation of financially literate individuals.
Commenting on the partnership, Ahmed Refaat, co-founder and CEO of Copal, said, “Copal’s vision is to fill the gap for the un- and under-banked through introducing a product that is tailored specifically to tailor for their every need. We are proud to partner with Mastercard, and we are confident that, with their leadership and support, Copal will grow and expand as fast as we ambitiously planned.”