EGYPT – Egyptian fintech Kashat has signed a 5 year agreement with Mastercard to digitize the onboarding, disbursement, and collection processes for MENA’s first nano financial service provider.
The five-year agreement comes as Egypt’s population of nearly 65 million people above the age of 15 is largely dependent on cash.
Kashat will now be able to issue prepaid cards to users and offer them safe and convenient ways to withdraw money and repay their loans using Mastercard’s technology and payment rails.
The partnership highlights both entities’ commitment to driving financial inclusion in Egypt.
“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.
Kashat serves as an entry point to financial inclusion by enabling the unbanked and underbanked to create and cultivate a financial identity.
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.
Through its fintech partnerships, Mastercard is powering innovation and delivering a diverse range of seamless experiences that enable a more inclusive future for all.
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.
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