back Back

Mastercard partners with Copal to launch family payments app in Egypt

By Leandra Monteiro

February 16, 2023

  • Copal
  • Domestic Payments
  • Egypt
Share

Mastercard, CopalCopal, Egypt’s digital payment solutions application specifically designed for families, enters a strategic partnership with Mastercard to introduce the first family payments and expenses management application in Egypt.

“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,” said Adam Jones, Country General Manager, MENA Central, Mastercard. “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.”

The solution aims to drive financial inclusion in the country through the integration of underbanked youth into the formal economy. It also comes with simplified financial education tools that support the inclusion of youth in the digitized payment ecosystem and help them become more financially savvy. Young family members will learn how to manage their money and savings as well as give back to the community.

“Copal’s vision is to fill the gap for the un- and under-banked through introducing a product that is specifically tailored to meet their every need,” said Ahmed Refaat, Co-Founder and CEO of Copal. “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,” added Refaat.

The introduction of Copal in the Egyptian market is designed to provide a seamless and innovative cashless experience for all family members. Backed up by Mastercard technologies, Copal brings entire family members on a unified payment platform that is fully managed by the parents. Accordingly, parents and custodians are able to control young family members’ funds and easily track and manage their finances, in addition to ensuring the safekeeping of their allowances, controlling overspending and ensuring availability of funds in case of emergencies.

Previous Article

February 16, 2023

Newfi Lending announces partnership with Tavant

Read More
Next Article

February 16, 2023

EziPay and MFS Africa partner to support remittances across the continent

Read More






IBSi Daily News Analysis

cybersecurity,

June 20, 2024

Copal

Why predictive AI is a critical necessity in the field of cybersecurity

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

June 20, 2024

4 Open Banking platforms shaping the future of financial data in the US

Read More

June 20, 2024

TerraPay & Thredd to power virtual card payments for the travel industry

Read More

June 20, 2024

Mexican FinTech unicorn Clip secures $100m investment

Read More

Related Reports

Sales League Table Report 2024
Know More
Global Digital Banking Vendor & Landscape Report Q1 2024
Global Digital Banking Vendor & Landscape Report Q1 2024
Know More
Wealth Management & Private Banking Systems Report Q1 2024
Wealth Management & Private Banking Systems Report Q1 2024
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q1 2024
Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
close-link
Get your copy now! IBSi Sales League Table 2023