The Abu Dhabi Islamic Bank – Egypt (ADIB-Egypt) announced, on Tuesday, that it is forming a tri-party collaboration with start-up Khazna and Masria Digital Payments (MDP), a leading end-to-end e-payment solutions provider.
The collaboration will see the launch of a Sharia-compliant Meeza pre-paid cobranded card, called the ADIB-Khazna Meeza. The new card will extend mobile financial services to the underserved and unbanked segments of Egyptian society.
It will build upon the Sharia-compliant pre-paid card service Meeza that ADIB-Egypt already provides for its customers.
In 2018, the World Bank estimated that as much as 67% of the Egyptian population remained unbanked, and despite advancements, the unbanked population in Egypt remains high.
The new ADIB-KhaznaMeeza prepaid card is expected to cater to these consumers, delivering convenience, security, and flexibility for cashless payments. It also aims to bolster the Central Bank of Egypt’s (CBE) long-term strategy to enhance financial inclusion, and the digitalisation of financial and banking services.
Mohamed Aly, CEO and Managing Director of ADIB-Egypt, said, “We are pleased to be able to expand our portfolio of financial solutions with a product that addresses the needs of Egypt’s unbanked community.”
“Over the past few years, we have worked tirelessly to deliver on our vision of providing innovative payment solutions that support the CBE’s long-term strategy to move towards a cashless society,” he also said, “ADIB-Khanza Meeza card marks the culmination of extensive work and collaboration between both ADIB and Khazna and we are genuinely proud to be working with this impressive financial start-up.”
