The five-year agreement comes as Egypt’s population of nearly 65 million people above the age of 15 is largely dependent on cash.
“We are committed to supporting fintech and recognize the important role they play in complementing the efforts of the government and the Central Bank of Egypt to grow financial inclusion and a digitized economy in Egypt,” said Mohamed Assem, Country Manager Egypt, Mastercard.
“Through our partnership with Mastercard we will be able to launch a convenient and secure prepaid card product that will help us build a lasting relationship with our users, and continue to deliver reliable, innovative financial solutions,” said Sumair Farooqui, Kashat’s Co-founder.
The platform will enable smartphone users to apply for small, short-term productive loans instantly from the FRA-licensed mobile application.
In December, the start-up doubled its serviceable market to 67 million Egyptians, after expanding its operations to cover 14 governorates.
The startup is capitalizing on the significant potential for growth in Egypt’s fintech and digital space.
With internet penetration among Egyptians at around 60%, a substantial portion of adults remains underserved with regard to access to financial services.
A curated, customized portfolio of Mastercard products, spanning payments, data, security, analytics and fraud management, empower fintech companies to operate as a trusted player in an evolving marketplace.