CBE Grants Egyptian Fintech Startup Lucky Approval to Launch Payments Card
The Central Bank of Egypt (CBE) has granted final approval to Egyptian fintech firm Lucky to introduce the “Lucky One” card to all of its clients.
Lucky, a company founded in 2018 by Momtaz Moussa and Ayman Essawy, gives customers access to an expanding selection of simple-to-use credit products, savings, and cashback benefits that can be used both in-person and online with more than 20,000 national and international companies.
Since its launch, the firm has expanded quickly, and it currently has the biggest merchant network in Egypt as well as more than eight million users that have signed up. The gross merchandise value has increased by 250 percent year over year, and it recently entered Morocco.
To strengthen its credit skills, increase its market share, and spur further international growth, Lucky raised a US$25 million Series A investment round in March. Following that, it has now obtained final CBE permission to introduce the Lucky One card to all clients.
The card, which was introduced in partnership with Mashreq Bank, Meeza, and MDP, is specifically made to deliver industry-leading cashback rewards in addition to a wide range of extra services like mobile bill payments, withdrawals, and deposits.
Users of the Lucky One card will be able to withdraw money and make deposits, pay for purchases at any retailer, and receive up to 5% cashback on each transaction, among other advantages.
“Lucky’s mission is to support the fintech ecosystem; and to bring a seamless shopping, saving and payment experience by providing the underbanked users with the banking experience that they never had before,” Essawy said.
