Khazna, an Egyptian financial app, has announced that it has received final approval from Egypt Central Bank to launch the Khazna Card in collaboration with ADIB Egypt, one of the country’s leading digital transformation banks.
Khazna began with an Earned Wage Access product in 2020, and has since evolved into the multiproduct offering it is today. Users can order the Khazna prepaid card straight from the App at no additional cost, check the card balance and account data, and activate or deactivate the card.
Khazna now provides General Purpose Credit (GPC), Buy Now Pay Later (BNPL), and Bill Payment services. In response to the Central Bank of Egypt’s recent drive for financial inclusion and a “less-cash” environment, the company’s objective is to digitize cash transactions across Egypt. Khazna software reaches out to the 50 percent of Egyptians who have smartphones but no access to conventional banking institutions.
What They Are Saying
“Obtaining final approval from the CBE to launch the Khazna Card will help in revolutionizing the FinTech market in Egypt,” said Mohamed Ali, CEO and Managing Director of ADIB Egypt. “Our partnership with Khazna reinforces our expansion strategy in the Egyptian market.” We are excited about the prospect of establishing a comprehensive, worldwide bank focused on retail banking.”
“ADIB Egypt has worked hard over the last few years to provide new payment solutions, to lead the Egyptian market with smart digital banking solutions, and lastly to offer products that respond to the needs of Egypt underbanked people,” Ali said.
“We take satisfaction in our relationship with ADIB Egypt, which resulted in the launch of our Khazna Card, through which we hope to develop our services for the unbanked,” said Omar Saleh, CEO of Khazna.
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“The Central Bank of Egypt major efforts towards financial inclusion and a less-cash society are reflected in the extraordinary expansion of Egypt’s embryonic fintech industry.” “We share CBE mission, and Khazna thinks that world-class financial services should be accessible to all,” stated Omar Saleh, co-founder, and CEO of Khazna. “The network effects created by our 150k+ active users, our partners, and Egypt’s largest merchants continue to grow exponentially.”
About KAZNA
KAZNA, KS is a company that works in the Activities Related to Credit Intermediation industry and is based in Misto Alchevsk, Ukraine. This site in KAZNA, KS employs 12 people and generates $2.46 million in revenue (USD).
Khazna recently announced that it has raised $38 million in a Series A financing round led by Quona Capital and Lendable. Nclude, Speed, Algebra Venture, Accion Venture Lab, DisrupTech, AlKhwarizmi Ventures, Arab Bank, C Ventures, and others were among the investors.
Khazna has invested a total of $47 million since its founding in 2020.
