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Mastercard partners with Ingiz

Monday 28 August 2023 13:49 CET | News

Mastercard has partnered with Ingiz, an Egypt-based family financial management startup, to launch a digital payments app aimed at driving financial literacy and inclusion among youth in Egypt.

By leveraging this partnership, the two companies aim to provide this largely underserved market segment with access to financial products and services. According to the press release, by introducing young people to crucial financial concepts, the two partners aspire to empower them to take control of their financial future.

Ingiz provides prepaid cards for parents and their children, allowing them to manage their finances. The company also encourages young users to earn, save, as well as spend money with gamified in-app features while offering parents non-invasive monitoring tools for oversight.

As part of the new collaboration, Ingiz will utilise Mastercard's digital payment technology, as well as the network and expertise to enhance its suite of financial products tailored to the needs of children and youth.

Mastercard has partnered with Ingiz, an Egypt-based family financial management startup, to launch a digital payments app aimed at driving financial literacy and inclusion among youth in Egypt.

According to Mastercard’s National Payment Index 2022, younger generations are more proactively seeking out new payment methods. About 40% of Gen Z and Millennials are likely to have obtained a new touch-free payment and are less likely to make in-person purchases and payments. Therefore, this partnership aims to facilitate payment processing and extend the app's reach to a diverse range of merchants and consumers, accelerating Ingiz's growth and market expansion.

Furthermore, Ingiz has partnered with Masria Digital Payments (MDP) to empower Ingiz to tap into the expertise of MDP as a processor. This step is aimed at extending Ingiz’s market reach with an efficient payment solution leveraging Mastercard technologies on MDP platforms. Ingiz is also a part of MV Builder II – the Venture Builder program launched by Modus, a Venture Platform comprising Venture Building, VC funds, and a Corporate Innovation arm, to drive digital inclusion in Egypt by building and supporting startups.  

Financial literacy gap in Egypt 

According to Standard & Poor’s Global Financial Literacy Survey, only 33% of the world’s population is financially literate. In Egypt, the picture is lower: around 27% of the population (30% of the male population and 25% of women in the country) qualifies as financially literate, according to the survey. The report notes that women, individuals from lower socioeconomic backgrounds, and those with lower levels of education tend to suffer gaps in financial knowledge. This trend holds true for both developing and developed economies. However, individuals surveyed in advanced economies had a stronger understanding of financial concepts than those in emerging economies. Only a few traditional educational institutions formally incorporate financial literacy concepts in their teachings, but only at the university level. This possibly further creates an educational gap between youth and socioeconomic groups. 

Source: Link


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Keywords: partnership, financial services, financial inclusion, digital payments
Categories: Banking & Fintech
Companies: Ingiz, Mastercard
Countries: Egypt
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Banking & Fintech

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Ingiz

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