PayMint, a leading financial technology company, has announced the approval from the Central Bank of Egypt to launch its first prepaid “Meeza” card in collaboration with Abu Dhabi Islamic Bank (ADIB) Egypt. This move is part of PayMint’s ongoing effort to enhance its offerings and expand its services in line with Egypt’s vision of fostering a cashless society.
Supporting Financial Inclusion and Digital Transformation
The prepaid card comes as a solution aimed at addressing the growing demand for flexible, secure, and efficient digital payment methods. By enabling PayMint customers to access a wide range of services, the new card allows for daily transactions, including cash withdrawals, purchases, and online shopping within Egypt. Customers will also have full control of their card through a mobile app, enabling them to track balances and manage usage seamlessly.
This step aligns with Egypt’s strategic objectives to promote financial inclusion, reduce cash reliance, and support the transition to a digital economy. PayMint is working to facilitate electronic transactions and contribute to the Egyptian government and Central Bank’s efforts in transforming Egypt into a cashless society.
A Strategic Partnership with ADIB Egypt
The partnership between PayMint and ADIB Egypt reflects the bank’s commitment to providing innovative financial solutions that comply with Islamic principles, ensuring customers can manage their finances safely and easily. According to Mohamed Ali, CEO of ADIB Egypt, the partnership with PayMint highlights the bank’s focus on integrating advanced technological solutions in its offerings to enhance customer satisfaction.
Empowering Individuals and Workers
This initiative supports the financial empowerment of individuals by offering them easy access to their payments and the ability to manage their finances effectively.
Mohamed Rabea, the Managing Director and Founder of PayMint, expressed pride in the partnership with ADIB Egypt and emphasized the card’s role in enhancing customer experiences and expanding the range of services offered to individual and business customers. “We are proud of our new partnership with ADIB Egypt, one of the most prominent banks in the Egyptian banking sector. Through this partnership, we aim to offer a new and unique experience for our customers that is in line with our mission to provide accessible financial services to everyone,” he stated.
Ensuring Security and Data Protection
In line with the company’s commitment to security, PayMint has obtained the latest PCI-DSS certification, which serves as an industry standard for payment card data security. This certification ensures that PayMint follows best practices in securing sensitive customer data and protecting against potential security breaches.
Mohamed Yahya, Vice Chairman of PayMint, highlighted the company’s continuous efforts to diversify services and provide a unique experience for its individual and corporate clients while ensuring the highest levels of security and data privacy.
Enhancing Financial Accessibility in Egypt
The launch of PayMint’s prepaid Meeza card aligns with Egypt’s broader efforts to support financial inclusion and access to digital financial services. According to Amr Sand, Head of Retail Banking at ADIB Egypt, the card is expected to receive wide acceptance, especially as digital and technological solutions become more integral to daily financial transactions. “We are confident that this card will be widely embraced by customers, particularly with the increasing reliance on digital solutions for everyday financial transactions,” he said.
Sharif Mounir, Head of Card Services at ADIB Egypt, emphasized that the partnership with PayMint represents a significant step toward enhancing the presence of financial technology in Egypt. The collaboration will contribute to expanding the bank’s portfolio of digital banking solutions while providing customers with an easy, secure, and flexible payment experience.
Since its establishment in 2019, PayMint has been committed to providing cutting-edge financial services in Egypt. The company’s success in securing seed funding in 2022 from the AUR Fintech Fund, part of AUR Capital Group, further strengthens its position as a leading player in the fintech sector, particularly in providing solutions for small and medium-sized enterprises (SMEs) across the country.
