Mastercard, Money Fellows & Banque Misr launch prepaid card in Egypt
By Gloria Methri
Mastercard has collaborated with Money Fellows and Banque Misr to launch Money Fellows prepaid cards in Egypt. This prepaid card will enable Money Fellows to offer financial planning, savings, and credit access to its users in Egypt.
Driven by a shared commitment to advancing financial inclusion, Mastercard, Banque Misr and Money Fellows aim to enhance financial accessibility in Egypt, where 71.5% of the population is formally included in the financial system.
The Money Fellows prepaid card offers users aged 16 and above an array of features that include online and in-store purchases, easy deposits and withdrawals at ATMs, spending tracking, and exclusive offers and discounts. Users can issue the card for free during the launch phase.
“By launching the Money Fellows prepaid card, we are supporting Egypt’s efforts to expand access to secure financial services through tailored solutions, especially for youth and underserved communities,” said Adam Jones, Executive Vice President and Division President for West Arabia, Mastercard.
From his side, Ahmed Eisa, Deputy Chief Executive Officer at Banque Misr, said, “We are proud to be part of this groundbreaking initiative with Money Fellows and Mastercard, as it constitutes a qualitative leap in the FinTech domain”.
Eissa affirmed that by issuing the first ROSCA prepaid card, the bank is empowering a broader segment of the population, particularly youth and the underbanked, to access secure and modern financial services.
Ahmed Wadi, Founder and CEO of Money Fellows, commented on the collaboration, “We are thrilled to be the first in the ROSCA subsector to launch a prepaid card alongside Mastercard and Banque Misr, our trusted partners. Their expertise, innovative approach, and cutting-edge technology inspire confidence in the potential of this product. With Mastercard’s and Banque Misr’s support, we are excited to deliver a premium experience that aligns with our vision for financial empowerment and users’ needs for financial accessibility, integration, and convenience.”
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