Khazna Card gets final approval from the Central Bank of Egypt
Khazna has received final approval from the Central Bank of Egypt (CBE) for its Khazna card, a Meeza prepaid card launched in partnership with the Abu Dhabi Islamic Bank (ADIB) that will provide unbanked users access to the fintech startup’s financial services, according to a statement (pdf) out yesterday.
Unbanked Khazna cardholders will be able to make withdrawals and deposits, online and instore purchases, and pay bills. It will also give users advance access to their wages, helping people to solve short-term cashflow issues between paychecks.
Khazna provides online financial services to Egyptians who don’t necessarily have a bank account through its salary advance app. Founded in April 2019, the Cairo-based startup landed an undisclosed amount of seed funding in early 2020 from a group of investors led by Algebra Ventures. Khazna raised some USD 38 mn in equity and debt in a Series A led by Quona Capital with participation from Nclude, the high-profile bank-backed fund run by the UAE’s Global Ventures.