Egyptian fintech Kashat has entered into a partnership with Mastercard to drive financial inclusion in the country.
The collaboration will enable Kashat to issue prepaid cards to users. The fintech customers will also be able to withdraw money and repay loans leveraging Mastercard’s technology and payment rails.
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Kashat co-founder Sumair Farooqui said: “Through our partnership with Mastercard we will be able to launch a convenient and secure prepaid card product that will help us build a lasting relationship with our users, and continue to deliver reliable, innovative financial solutions.
“We will continue to champion serving the underbanked and contributing to the country’s mission of building a more financially inclusive Egypt.”
Mastercard Country Manager Egypt Mohamed Assem said: “Our new journey with Kashat heralds a future of increased collaboration, and we look forward to providing access to our solutions, services and expertise to Kashat as we look to drive financial inclusion among our communities.”
Kashat launched its services in 2020 to provide financial services to the unbanked and underbanked people.
The company offers small, short-term productive loans through its FRA-licenced mobile app among other services.
It has raised more than $4.5m to date.
In November last year, Mastercard completed the acquisition of open banking technology provider Aiia.
Aiia offers single API access to enable banks and fintech firms develop digital offerings.
