Egyptian fintech PayMint has acquired ultimate approval from the Central Financial institution of Egypt to launch its first ‘Meeza’ pay as you go playing cards in partnership with Abu Dhabi Islamic Financial institution (ADIB).
PayMint plans for the brand new Meeza pay as you go playing cards to allow its prospects to hold out purchases, money withdrawals, and on-line procuring in Egypt. Meeza cardholders will have the ability to monitor their utilization, test their obtainable steadiness, and handle their playing cards via the cellular software.
Approving the launch aligns with the Central Financial institution of Egypt’s efforts to collaborate with extra fintechs to offer options that advance monetary inclusion in keeping with the Egyptian authorities’s imaginative and prescient. The initiative helps the transition in the direction of a cashless society, providing complete digital options that meet prospects’ wants.
Mohamed Aly, CEO and managing director of ADIB in Egypt, stated: “We’re delighted to companion with PayMint, a number one fintech firm. This partnership displays our dedication to adopting superior technological options that align with Islamic rules to empower prospects and allow them to handle their funds with ease and safety. PayMint’s providers align with the financial institution’s technique and imaginative and prescient to broaden its banking and digital options.”
This launch comes as a part of PayMint’s technique to broaden its providers in Egypt to advertise digital monetary transactions and scale back reliance on money to help the native imaginative and prescient for a cashless society.
Supporting Egyptian fintech development
“We’re pleased with our new partnership with ADIB-Egypt, a distinguished participant in Egypt’s banking sector and a pacesetter in forming strategic alliances with fintech firms,” added Mohamed Rabie, managing director and founding father of PayMint. “By means of this partnership, we purpose to offer an distinctive and revolutionary expertise for our prospects, complementing our vary of providers for people and companies. The brand new card is focused at particular person prospects, together with everlasting and momentary employees for firms, freelancers, and suppliers, enabling them to obtain their monetary dues and profit from card providers.”
PayMint has additionally ensured its dedication to international requirements for buyer information safety and cost procedures by acquiring the most recent PCI-DSS certification. This international normal verifies the safety measures of cost gateways, e-commerce platforms, and banks, making certain buyer information confidentiality and stopping the storage of delicate info.
“Our PCI-DSS certification reinforces the belief now we have constructed with our shoppers by providing absolutely safe providers,” defined Mohamed Yehia, VC of PayMint.
Based in 2019, PayMint continues to supply fintech providers to help small and medium enterprises throughout Egypt. In 2022, the corporate efficiently secured a seven-figure seed funding spherical from the AUR Fintech Fund, a part of AUR Capital, to help its growth within the SME fintech sector.
Sherif Mounir, head of playing cards at ADIB-Egypt’s retail banking division, additionally commented: “By means of our partnership with PayMint, we purpose to raise the presence of fintech in Egypt and broaden the financial institution’s card portfolio, offering a extra seamless and versatile banking expertise for patrons. The cardboard helps day by day transactions comparable to money withdrawals, purchases, and on-line procuring inside Egypt, with complete management via the cellular software.”
