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

The card aims to improve financial accessibility by offering users in Egypt the ability to manage their finances through savings, credit access, and planning tools. This initiative seeks to address the country's financial inclusion challenges. According to recent data, 71.5% of Egypt's population is formally included in the financial system, and the partnership between Mastercard, Banque Misr, and Money Fellows aims to increase that percentage.

The Money Fellows prepaid card is available to individuals aged 16 and older and includes features such as the ability to make online and in-store purchases, deposit and withdraw funds at ATMs, track spending, and access exclusive offers and discounts. During the launch phase, users can obtain the card at no charge.

The collaboration is part of a broader strategy to expand financial services to underserved populations, particularly youth and those who lack access to traditional banking. By leveraging the prepaid card, the partners aim to bring modern financial tools to a wider audience, enabling easier access to secure financial services.

The card also provides a digital solution to the ROSCA model, traditionally used in Egypt and other parts of the world, where participants pool money to offer short-term loans or savings to one another.

Working together for financial inclusion

Mastercard, Banque Misr, and Money Fellows are aligning their efforts with Egypt's push to foster financial inclusion and digital transformation. Banque Misr's involvement supports its ongoing digital strategy to modernize banking services, while Money Fellows looks to continue its mission of empowering users through accessible, digital financial tools.

This initiative follows their earlier 2021 collaboration, which helped digitize the ROSCA concept in Egypt, expanding access to financial services and contributing to the growth of the digital economy.