Egypt’s first digital banking application Telda said Monday that it had secured the central bank’s final approval to start operating its card and application as part of the startup’s broader strategy to fulfill financial inclusion and digital transformation goals in the North African country.
Telda is the first company to receive a license from the Central Bank of Egypt (CBE) under its new regulations to issue cards and onboard customers digitally. The digital bank said that its application offers a wide range of features including the issuance of prepaid cards, which are powered by Mastercard.
“The prepaid cards can be used for online, in-store payments and cash withdrawals from any ATM around the world, providing a fully integrated payment experience without the need of having a bank account,” Telda said in a statement.
“Telda is an entirely new financial experience that empowers the youth to indulge in using more advanced technological solutions. We aim to change the way people think and feel about money by providing a better and more efficient banking experience,” said Ahmed Sabbah, the CEO & Co-Founder of Telda.
Telda raised $5 million in May 2021 in a pre-seed funding round that was led by American venture capitalist Sequoia Capital and had the participation of Global Founders Capital and Class 5 Global.
Digital banks have taken off with the spread of finance technology in a region where millions lack access to banking services. Earlier in July, UAE digital banking Zand, which offers retail and corporate services, received a banking licence from the Gulf state’s central bank authorising and regulating the startup to operate as a fully independent bank.
Incumbent banks in the region have also been setting up neobanks or digital-only banks including Mashreq Neo, Liv. and Bahrain’s ila Digital Bank which is powered by Bank ABC.
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