Raseedy, an Egyptian fintech startup, has launched the country’s first independent and licensed digital wallet in partnership with The Saudi Investment Bank (SAIB) and MasterCard.
The digital wallet is licensed by the Central Bank of Egypt and certified by Meeza, the national payments scheme operator.
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The app has been touted as a lightweight, cross-platform mobile app that offers a reliable alternative to cash payments in Egypt.
Users of the new wallet will be able to:
- Transfer money to anyone and anywhere in Egypt
- Make payment via QR code without a Visa or cash card at participating merchants outlets
- Pay regular bills for yourself or anyone on any network in Egypt
- Issue online single-use virtual debit cards that expire after 24 hours to buy or pay online without a Visa or debit card
- Payment of installments for loans, insurance policy premiums, or product installments from Mashrouti through your balance wallet
- Receive remittance internationally
The app allows users to withdraw and deposit cash at the nearest ATM or more than 70,000 PoS and 250 safety net branches in all governorates in Egypt.
Speaking about the new digital wallet, Jacques Marco, Co-Founder and CEO, Raseedy, said:
“We are proud to announce Raseedy’s launch. We believe that it is our mission at Raseedy to improve our users’ lives by giving them more control and visibility over their finances.
With the government’s push towards financial inclusion and digital transformation, launching our independent wallet now is the prime opportunity for Raseedy. We are excited to see our wallet hit the one-million users’ milestone in the coming months.”
According to Jacques, the startup expects to onboard over 1 million users in the coming months as presents the app to its existing business partners and clients in the B2B and B2C space who are already utilizing its payroll and micro-finance services.
In recent months, Egypt’s fintech space has been growing exponentially pointing to new opportunities for Egyptian startups in a market of about 100 million people.
Raseedy was established as an Egyptian joint stock company in 2018 to contribute positively to achieving financial inclusion for Egyptians by providing smart, innovative and easy-to-use services that help provide opportunities for a better life for Egyptians who are unable to obtain formal financial services and enable them to achieve financial security.
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