Egyptian fintech startup Khazna has received final approval from the Central Bank of Egypt (CBE) for its Khazna card, a Meeza prepaid card launched in partnership with the Abu Dhabi Islamic Bank (ADIB) that will provide unbanked users access to the fintech startup’s financial services, according to a press statement released by the company
Khazna cardholders that are unbanked will be able to make withdrawals and deposits, as well as online and in-store purchases and bill payments. It will also provide users with prior access to their income, allowing them to better manage their short-term cash flow concerns between paychecks in the meantime.
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Through its salary advance app, Khazna provides online financial services to Egyptians who do not necessarily have a bank account, such as those who are self-employed. The Cairo-based firm, which was founded in April 2019, received an undisclosed amount of seed money in early 2020 from a group of investors led by Algebra Ventures. Khazna raised around USD 38 million in equity and debt in a Series A headed by Quona Capital, with participation from Nclude, the high-profile bank-backed fund managed by Global Ventures in the United Arab Emirates.
Khazna central bank Egypt
Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based lawyer, who has several years of experience working in Africa’s burgeoning tech startup industry. He has closed multi-million dollar deals bordering on venture capital, private equity, intellectual property (trademark, patent or design, etc.), mergers and acquisitions, in countries such as in the Delaware, New York, UK, Singapore, British Virgin Islands, South Africa, Nigeria etc. He’s also a corporate governance and cross-border data privacy and tax expert.
As an award-winning writer and researcher, he is passionate about telling the African startup story, and is one of the continent’s pioneers in this regard. You can book a session and speak with him using the link: https://insightsbyexperts.com/view_expert/charles-rapulu-udoh