Egyptian financial App, Khazna, has announced that it has obtained the final approval from The Central Bank of Egypt to launch ‘Khazna Card’ in partnership with ADIB Egypt, one of the leading banks in Digital transformation.
Khazna launched in 2020 with an Earned Wage Access product that has since grown into the multiproduct offering available today. The App directly enables users to order the Khazna prepaid card at no added costs, inquire about card balance and account details, and activate or deactivate the card.
Khazna currently offers General Purpose Credit, Buy Now Pay Later (BNPL), and Bill Payment. The company’s vision is to digitize cash transactions across Egypt, in response to the Central Bank of Egypt’s recent push for financial inclusion and a “less-cash” framework. Khazna’s app caters to 50% of Egyptians who are active smartphone users and lack access to formal financial services.
Mohamed Ali, CEO and Managing Director of ADIB Egypt, stated: “Obtaining the final approval from the CBE to launch ‘Khazna Card’, will help in revolutionizing 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.”
“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,” Ali added.
Omar Saleh, CEO of Khazna, said: “We take pride in our partnership with ADIB Egypt, which resulted in launching our Khazna Card, through which we seek to develop our services for the unbanked.
“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,” said Omar Saleh, Khazna’s co-founder, and CEO. “We continue to experience exponential growth in network effects created by our 150k+ active users, our partners, and Egypt’s largest merchants.”
Khazna has recently announced that it has secured $38 million in funding for its ‘Series A’ investment round, which was led by Quona Capital in partnership with Lendable. The funding also comprised Nclude, Speed, Algebra Venture, Accion Venture Lab, DisrupTech, AlKhwarizmi Ventures, Arab Bank, C Ventures, and others.
Since Khazna’s inception in 2020, its total investment has reached $47 million.