Mastercard, Money Fellows, and Banque Misr Launch Money Fellows Prepaid Card in Egypt
Mastercard, Money Fellows, and Banque Misr have introduced the Money Fellows prepaid card in Egypt. With this prepaid card, Egyptian citizens will be able to benefit from features such as savings, credit access, and financial planning. The three organizations aim to enhance and improve financial accessibility in Egypt through a shared commitment.
The Money Fellows prepaid card offers features like online and in-store purchases, easy cash withdrawals and deposits at ATMs, special offers and discounts, and spending tracking for users aged 16 and above. Users will be able to use the card free of charge. This initiative is designed to make financial services more accessible, particularly for youth and underserved communities.
Additionally, this service aligns with Banque Misr’s strategy of promoting digital transformation and offering financial services that meet the evolving needs of its customers. The initiative reflects Banque Misr’s vision of contributing to Egypt’s overall prosperity by advancing financial inclusion.
This new announcement builds on the successful partnership established in 2021, when Mastercard collaborated with Money Fellows to digitize the Rotating Savings and Credit Association (ROSCA) model. This partnership contributed to the expansion of Egypt’s digital economy through a range of innovative digital services.
Speaking about this collaboration, Adam Jones, Executive Vice President and Division President for West Arabia at Mastercard, stated:
“This collaboration demonstrates our commitment to creating innovative solutions that drive financial inclusion. By launching Money Fellows prepaid card, we are supporting Egypt’s efforts to expand access to secure financial services through tailored solutions, especially for youth and underserved communities.”
Ahmed Eisa, Deputy Chief Executive Officer at Banque Misr, added:
“We are proud to be part of this groundbreaking initiative with Money Fellows and Mastercard, as it constitutes a qualitative leap in the fintech domain.”