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
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.
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.