Copal, the Egyptian digital payment solutions application designed for families, has entered a strategic partnership with Mastercard. Together they have created the first family payment and expenses management application in Egypt. This solution aims to further drive financial inclusion in the country through the integration of underbanked youth into the formal economy.
The introduction of Copal in the Egyptian market is designed to provide an innovative cashless experience for all family members. Mastercard technologies will back up Copal, a unified payment platform that allows parents to manage the entire family’s payments.
Accordingly, parents and custodians are able to control young family members’ funds and easily track and manage their finances. Additionally, they can ensure safekeeping of their allowances, control overspending and ensure the availability of funds in case of emergencies.
Learning money management
The solution also comes with financial education tools that support the inclusion of youth in the digitised payment ecosystem and help them become more financially savvy. Young family members will learn how to manage their money and savings as well as give back to the community.
“At Mastercard we leverage technologies to modernise and deliver innovative solutions that unlock the true potential of inclusive growth and bring more people into the digital economy,” said Adam Jones, country general manager, MENA Central, Mastercard.
“Our partnership with Copal demonstrates our commitment to expanding the financial digital market in Egypt. We will provide our partners with the necessary services and tools to transform bold ideas and achieve scale at pace.”
With this partnership, Mastercard continues to fortify its presence in Egypt’s fintech scene with a joint focus on growth, knowledge sharing and innovation opportunities. The latter, as well as co-creating custom solutions and offering expertise will enable Copal to build, launch and grow at each stage of its journey.
“Copal’s vision is to fill the gap for the unbanked/underbanked through introducing a product that is specifically tailored to meet their every need,” said Ahmed Refaat, co-founder and CEO of Copal. “We are proud to partner with Mastercard. We are confident that, with their leadership and support, Copal will grow and expand as fast as we ambitiously planned.”
Copal was first introduced in February 2022 as a joint-stock Fintech company. Through Flat6Labs Cairo’s investment, its mission is to raise a new financially savvy generation and introduce them to the cashless lifestyle. Copal plans to fully onboard in Egypt and then expand across Africa.