Cairo, Egypt Copal, Egypt’s first app for family-focused digital payment solutions, partners with Mastercard to offer Egypt’s first app for family payment and expense management. This method aims to expand financial inclusion by bringing unbanked youth into the formal economy.
Copal’s arrival in Egypt is intended to offer a cashless family experience. Copal, backed by Mastercard technology, lets parents manage payments for the whole family. Thus, parents and custodians can check and manage young family members’ accounts, keep allowances safe, restrict overspending, and ensure monies are available in emergencies.
Additionally, the solution includes easy-to-use financial literacy tools that encourage the engagement of young people in the digital payment ecosystem. Young members of the family will gain financial and savings management skills, as well as community service.
Adam Jones, country general manager for MENA Central at Mastercard, said, “At Mastercard, we harness technologies to modernize and offer innovative solutions that unlock the true potential of inclusive growth and bring more people into the digital economy.” “Our relationship with Copal reflects our commitment to expand the financial digital market in Egypt by providing our partners with the essential services and resources to transform daring ideas and achieve scale at pace.”
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Mastercard strengthens its fintech presence in Egypt with this cooperation, focusing on growth, knowledge sharing, and innovation. Copal will construct, launch, and expand by co-creating specific solutions and providing expertise.
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Ahmed Refaat, Copal’s co-founder and CEO, said, “Copal’s vision is to fill the gap for the unbanked and underbanked through offering a product that is especially suited to fulfill their every need.” Refaat added, “We are happy to work with Mastercard, and we are convinced that, with their leadership and support, Copal will grow and expand as rapidly as we have ambitiously planned.”
In February 2022, Copal was launched as a joint-stock Fintech firm. Their objective to raise a financially savvy generation and introduce them to the cashless lifestyle is made possible by Flat6Labs Cairo’s financing. Copal plans to be completely onboard in Egypt and extend across Africa.
What to know about MasterCard
Mastercard, a major player in the payments sector, is a multinational technology firm. Our goal is to make transactions secure, straightforward, intelligent, and accessible in order to link and fuel a global, inclusive digital economy that benefits everyone. Our innovations and solutions enable people, businesses, governments, and financial institutions to reach their full potential by utilizing secure data and networks, relationships, and enthusiasm. Everything we do, both inside and outside of our organization is guided by our decency quotient or DQ. With connections in over 210 nations and territories, we are creating a sustainable world that opens up precious opportunities for everyone.
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About Copal
Copal is a joint-stock financial technology business that is delighted to be a participant in the ecosystem of Egypt’s leading fintech cluster. Through the provision of cutting-edge and easily accessible payment solutions, it is our objective to foster the development of a new generation of people who are financially literate and to encourage people to live cashless lifestyles. Copal is committed to meeting the needs of unbanked and underbanked members of society by offering comprehensive financial services. Our primary objective is to broaden people’s access to digital financial services; by doing so, we hope to position ourselves as the go-to option for cashless transactions in Egypt and abroad. Establishing a foothold in Egypt is the first step in our ambitious goal to grow our business across the African continent.