Central Bank of Egypt Approves Meeza Prepaid Cards From PayMint to Advance Financial Inclusion

Egyptian fintech PayMint has received final approval from the Central Bank of Egypt to launch its first ‘Meeza’ prepaid cards in partnership with Abu Dhabi Islamic Bank (ADIB).

PayMint plans for the new Meeza prepaid cards to enable its customers to carry out purchases, cash withdrawals, and online shopping in Egypt. Meeza cardholders will be able to monitor their usage, check their available balance, and manage their cards through the mobile application.

Approving the launch aligns with the Central Bank of Egypt’s efforts to collaborate with more fintechs to provide solutions that advance financial inclusion in line with the Egyptian government’s vision. The initiative supports the transition towards a cashless society, offering comprehensive digital solutions that meet customers’ needs.

Mohamed Aly, CEO and managing director of ADIB in Egypt, said: “We are delighted to partner with PayMint, a leading fintech company. This partnership reflects our commitment to adopting advanced technological solutions that align with Islamic principles to empower customers and enable them to manage their finances with ease and security. PayMint’s services align with the bank’s strategy and vision to expand its banking and digital solutions.”

This launch comes as part of PayMint’s strategy to expand its services in Egypt to promote electronic financial transactions and reduce reliance on cash to support the local vision for a cashless society.

Supporting Egyptian fintech growth

“We are proud of our new partnership with ADIB-Egypt, a prominent player in Egypt’s banking sector and a leader in forming strategic alliances with fintech companies,” added Mohamed Rabie, managing director and founder of PayMint. “Through this partnership, we aim to provide an exceptional and innovative experience for our customers, complementing our range of services for individuals and businesses. The new card is targeted at individual customers, including permanent and temporary workers for companies, freelancers, and suppliers, enabling them to receive their financial dues and benefit from card services.”

PayMint has also ensured its commitment to global standards for customer data security and payment procedures by obtaining the latest PCI-DSS certification. This global standard verifies the security measures of payment gateways, e-commerce platforms, and banks, ensuring customer data confidentiality and preventing the storage of sensitive information.

“Our PCI-DSS certification reinforces the trust we have built with our clients by offering fully secure services,” explained Mohamed Yehia, VC of PayMint.

Founded in 2019, PayMint continues to offer fintech services to support small and medium enterprises across Egypt. In 2022, the company successfully secured a seven-figure seed funding round from the AUR Fintech Fund, part of AUR Capital, to support its expansion in the SME fintech sector.

Sherif Mounir, head of cards at ADIB-Egypt’s retail banking division, also commented: “Through our partnership with PayMint, we aim to elevate the presence of fintech in Egypt and expand the bank’s card portfolio, providing a more seamless and flexible banking experience for customers. The card supports daily transactions such as cash withdrawals, purchases, and online shopping within Egypt, with comprehensive control through the mobile application.”