In a landmark move to enhance financial accessibility, Mastercard, Money Fellows, and Banque Misr have joined forces to introduce a prepaid card tailored for the youth and underserved communities in Egypt. This innovative collaboration aims to bridge the gap in financial services, offering unprecedented access to savings, credit, and secure transactions.

A New Era of Financial Empowerment Begins

Pioneering Financial Solutions for the Unbanked

The partnership between Mastercard, Money Fellows, and Banque Misr represents a significant leap forward in the realm of financial inclusion. By introducing a prepaid card designed specifically for users aged 16 and above, this initiative seeks to empower those who have traditionally been excluded from formal banking systems. The card provides a seamless way for individuals to engage in online and in-store purchases, make deposits and withdrawals at ATMs, and track their spending—all while enjoying exclusive offers and discounts.Financial inclusion is a critical driver of economic growth and stability. According to recent data, only 71.5% of Egypt's population participates in the formal financial system. This prepaid card addresses the needs of the remaining 28.5%, ensuring that more people can access secure financial services. The card's launch phase offers it free of charge, making it an attractive option for first-time users looking to explore digital finance.

Transforming User Experience with Cutting-Edge Technology

At the heart of this collaboration lies a commitment to enhancing user experience through cutting-edge technology. Money Fellows, known for its mobile app that facilitates Rotating Savings and Credit Associations (ROSCAs), has integrated its platform with Mastercard's global network and Banque Misr's robust infrastructure. The result is a prepaid card that not only supports traditional banking functions but also introduces modern features like real-time transaction alerts and personalized budgeting tools.This integration ensures that users can manage their finances with ease and confidence. The prepaid card streamlines the process of joining ROSCAs, allowing members to contribute and withdraw funds without the need for cash transactions. Moreover, the card's compatibility with various payment platforms enables users to participate in the broader digital economy, fostering greater financial literacy and independence.

Driving Digital Transformation and Economic Resilience

Banque Misr's involvement in this initiative underscores its dedication to driving digital transformation in Egypt. As one of the country's leading financial institutions, Banque Misr has long championed initiatives that promote sustainable development and economic resilience. By issuing the first ROSCA prepaid card, the bank is empowering a wider segment of the population to access secure and modern financial services.Ahmed Eisa, Deputy Chief Executive Officer of Banque Misr, emphasized that this partnership marks a qualitative leap in the fintech domain. It aligns with the bank's strategy to provide financial services that meet the evolving needs of customers, contributing to a more inclusive and resilient economy. The values and strategies of Banque Misr reflect its commitment to achieving prosperity for Egypt, positioning the bank as a key player in the nation's digital transformation journey.

Innovative Partnerships for a Brighter Financial Future

The success of this collaboration builds on previous efforts by Mastercard and Money Fellows to digitize the ROSCA concept in 2021. That initiative introduced a range of innovative digital services, contributing significantly to the expansion of Egypt's digital economy. Now, with the introduction of the prepaid card, the partners are poised to take financial inclusion to new heights.Ahmed Wadi, Founder and CEO of Money Fellows, expressed his excitement about being the first in the ROSCA subsector to launch a prepaid card. He highlighted the confidence inspired by Mastercard's and Banque Misr's expertise, innovative approach, and cutting-edge technology. Together, they aim to deliver a premium experience that aligns with the vision for financial empowerment and meets users' needs for accessibility, integration, and convenience.

A Blueprint for Sustainable Financial Growth

Ultimately, this prepaid card serves as a blueprint for sustainable financial growth in Egypt. By providing secure and accessible financial services to previously underserved populations, the card fosters greater economic participation and resilience. It empowers youth and underserved communities to take control of their financial futures, paving the way for a more inclusive and prosperous society.Mastercard's Adam Jones reiterated the company's commitment to creating innovative solutions that drive financial inclusion. Through the launch of the Money Fellows prepaid card, Mastercard supports Egypt's efforts to expand access to secure financial services, particularly for youth and underserved communities. This initiative exemplifies the power of collaboration and innovation in shaping a brighter financial future for all.