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Mastercard & Copal to Launch Family Payments App in Egypt

The family payments solution brought by Egypt’s digital payment provider Copal in partnership with Mastercard aims to drive financial inclusion by integrating underbanked youth into the formal economy

Mastercard & Copal to Launch Family Payments App in Egypt

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Backed up by Mastercard technologies, Egyptian fintech Copal will introduce family payments and expenses app. The strategic partnership intends to boost financial inclusion in the country, introducing younger consumers to formal banking.

The app includes simplified financial education tools aimed at including underbanked youth in the digitized payment ecosystem and helping them become confident users of financial services. Young family members will learn and practice basic money management skills, build wealth through savings, and get opportunities to make a change with charity donations.

Besides catering to the needs of youth, Copal’s app can provide a seamless cashless experience for all family members. This unified payment platform is fully managed by parents or custodians. The elders are able to track and control young family members’ funds, prevent overspending and ensure extra funds are available in case of emergencies. Its main features are individual & family accounts, customized UI for different age groups, and more.

Besides a financial app, the company provides pre-paid cards for both parents and children, with customized designs. Juniors would learn about money and finance with gamification features and a personal financial assistant tailored to each family’s needs.

“At Mastercard we leverage technologies to modernize and deliver innovative solutions that unlock the true potential of inclusive growth and bring more people into the digital economy. Our partnership with Copal demonstrates our commitment to expand the financial digital market in Egypt by providing our partners with the necessary services and tools to transform bold ideas and achieve scale at pace.”
Adam Jones, Country General Manager, MENA Central, Mastercard

Copal was first introduced in February 2022 as a joint-stock fintech company. The startup got seed funding within Flat6Labs’ Cairo Seed Program. Besides initial investment, the accelerator offers a suite of services to help beginner fintechs scale their business.

Earlier this month, another Egyptian fintech MNT-Halan became a unicorn in the largest funding round in Egypt and the Middle East in the past 12 months.

Nina Bobro

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https://payspacemagazine.com/

Nina is passionate about financial technologies and environmental issues, reporting on the industry news and the most exciting projects that build their offerings around the intersection of fintech and sustainability.