The Central Bank Finally Approves Egypt’s Khazna to launch the Khazna Card

Khazna, an Egyptian financial super app that provides underprivileged people and microbusinesses with simple, technology-driven financial services, has announced that it has received final clearance from the Central Bank of Egypt (CBE) to launch its Khazna Card in conjunction with ADIB Egypt.

Khazna was launched in 2020 as an earned wage access product, but it has since evolved into a multi-product that caters to the 50% of Egyptians who use smartphones but do not have access to formal financial services. It now provides general credit, buy now pay later (BNPL), and bill payment services.

The startup gained CBE clearance to create its own card, in cooperation with ADIB Egypt, after raising US$38 million in Series A funding last month to scale up its attempts to replace informal cash-driven alternatives across Egypt.

The Khazna Card, according to Omar Saleh, CEO of Khazna, will expand the startup’s offerings for the underbanked.

“The Central Bank of Egypt’s 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’s objective, and Khazna believes that world-class financial services should be accessible to everyone,” he said.

“We’re combining cutting-edge technology with a relentless focus on our users to create the best possible experience for them.” The network effects established by our 150,000 active users, our partners, and Egypt’s largest merchants continue to grow exponentially.”

“Getting the CBE’s final approval to launch Khazna Card would assist to revolutionize Egypt’s fintech business.” Our relationship with Khazna bolsters our Egyptian market expansion plan. Mohamed Ali, CEO and managing director of ADIB Egypt, said, “We surely look forward to become a comprehensive, worldwide bank that operates in the retail banking market.”

“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 cater to the needs of Egypt’s underbanked people.”