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Khazna launches prepaid app to cater to over 20 million unbanked in Egypt

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Khazna might have only burst onto the fintech scene in 2019 but the start-up has made giant strides since then.

One of the biggest products from the start-up was their advance loan scheme to employees who are relatively underbanked or would not have qualified from other traditional banking institutions. This allowed such employees to cover expenses till they could access their pay at the end of the month.

Such services have endeared the start-up to many, and they are sure to reach even more unbanked and underbanked Egyptians with their new prepaid card solution.

Backed by strategic partnerships with the Abu Dhabi Islamic Bank of Egypt and Masria Digital Payments, the prepaid card will offer local and international financial services to those who do not have access to a bank account.

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The premise of this product launch is based on the fact that of the unbanked population, there are some who have access to smartphones. Thus, they can get the best of these services without ever having to worry about traditional banking.

The prepaid card will also help users access their wages, creating a seamless way for employers to pay their employees who might not have a regular bank account to receive payments. Linked to the Khazna super app, users will now have access to bill payments, instant transfers and purchase options for necessary home equipment from the same place.

Making life easier, and growing while at it, it is little wonder why investors are looking to stake their money in this start-up.

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