Mastercard, Money Fellows, Banque Misr partner to launch prepaid card in Egypt

Updated 1/27/2025 2:01:00 PM

Arab Finance: Mastercard has partnered with Money Fellows and Banque Misr to launch a prepaid card in Egypt to drive financial inclusion, according to an emailed press release.

This will enable Money Fellows, a mobile app for money circles, also known as the rotating savings and credit association (ROSCA) model, to offer financial planning, savings, and credit access to its users in the country.

Meanwhile, the three parties will join forces to promote financial accessibility and enhance user experience in Egypt, where 71.5% of the population is formally included in the financial system.

The app’s prepaid card provides users aged 16 and above with a range of features, such as online and in-store purchases, easy deposits and withdrawals at ATMs, spending tracking, and exclusive offers and discounts.

Adam Jones, Executive Vice President and Division President for West Arabia at Mastercard, commented: “By launching Money Fellows prepaid card, we are supporting Egypt’s efforts to expand access to secure financial services through tailored solutions, especially for youth and underserved communities.”

Ahmed Eisa, Deputy CEO at Banque Misr, said this partnership aligns with the lender’s strategy to drive digital transformation and provide financial services that meet the growing needs of the customers.

Ahmed Wadi, Founder and CEO of Money Fellows, mentioned: “With Mastercard’s and Banque Misr’s support, we are excited to deliver a premium experience that aligns with our vision for financial empowerment and users’ needs for financial accessibility, integration, and convenience.”