Finally, Telda’s prepaid card is here! One of the country’s major banks and a fintech business jointly issue the card, which is powered by Mastercard in Cairo.
A successful partnership between Telda, a rapidly expanding Egyptian fintech start-up, and Banque du Caire, one of the nation’s top financial institutions, resulted in the creation of the cutting-edge payment system.
With this launch, Egyptians who don’t have bank accounts can now issue their own payment card from Telda, with a simple and quick onboarding process through Telda’s mobile application.
The news comes as Egypt works to increase financial participation among the financially excluded segments. This strategy is backed by Mastercard’s initiatives to make its top-notch payment solutions available to all Egyptians, especially those in the shadow sector who most need them. With 102 million people, Egypt enjoys a financial inclusion rate of 56.2%.
The Mastercard-powered card, introduced by Banque du Caire and Telda, can be issued at the touch of a button on the Telda mobile app, providing Millennials and Gen Z with a more seamless banking experience. Customers may control their accounts and move funds in just a few easy clicks thanks to the application’s straightforward and user-friendly features. Millions more Egyptians who do not currently have access to banking services are hoping to have access to the financial ecosystem as a result of Telda’s introduction.
“This launch is another step in our journey to providing innovative payment solutions as well as offering products that cater to the needs of the Egyptian unbanked community. Our Trio partnership also reinforces our expansion strategy with Mastercard towards youth by providing them an entirely new financial experience that enables them to ‘Send, Spend, and Save ‘money all in one application.” stated Tarek Fayed, Banque du Caire’s Chairman and CEO
We’re very excited to see the launch of Telda’s prepaid card, powered by Mastercard, and we’re proud to be part of the innovative payment solutions brought to market through successful collaborations between fintechs and financial institutions,” said Adam Jones, Country General Manager, MENA Central, Mastercard. “Financial inclusion is essential for the health and stability of the regional economy and has been a long-term mission for us in Egypt and the wider region. In providing a complete card payment experience, this launch will be another major step forward for those who currently do not have access to mainstream financial services.”
By 2025, Mastercard wants to link 50 million SMEs and 1 billion individuals to the global digital economy, with 25 million women entrepreneurs receiving special attention.