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Lucky Gets Lucky as Its Cashback Card Receives Final Go-Ahead From Central Bank

Lucky has obtained final approval from the Central Bank of Egypt to launch its ‘Lucky One’ card.

The Egyptian fintech app announced this week that it has obtained the Central Bank’s final approval to launch its recently-developed ‘Lucky One’ card in collaboration with Mashreq Bank, Meeza and MDP.

The card is specifically designed to offer cashback rewards, as well as mobile bill payments, withdrawals and deposits.

The partnership comes in line with the Egyptian Central Bank’s financial inclusion goals, in addition to encouraging the development of Egypt’s cashless economy.

Card users will have the ability to withdraw and deposit cash via ATMs, pay by using the card at any merchant, and earn up to five per cent cashback on transactions; being the highest cashback percentage in Egypt and the card’s unique selling point.

Ayman Essawy, co-founder and managing director of Lucky
Ayman Essawy

Commenting on the partnership, Ayman Essawy, co-founder and managing director of Lucky, said: “Lucky’s mission is to support the fintech ecosystem; and to bring a seamless shopping, saving and payment experience by providing the underbanked users with the banking experience that they never had before.”

Amr El Bahey, CEO of Mashreq Bank Egypt, added: “This partnership enables us to expand our product proposition and enhance our customer experience, in addition to facilitating collaboration between Mashreq Bank – Egypt and fintechs with the aim of supporting financial inclusion in Egypt.”

The cooperation protocol was signed on 25 April 2022 by El Bahey, Essawy and Ahmed Nafie, CEO of MDP.

Nafie concluded with: “MDP’s strategic partnership with Lucky will expand its digital financial solutions offerings, as we empower our customers through delivering best-in-class, modern card issuing and processing capabilities.

“We continue to develop and expand our fintech-as-a-service offerings, giving our partners the agility and flexibility to meet their customers’ everchanging and dynamic needs.”

Author

  • Tyler is a Fintech Junior Journalist with specific interests in Online Banking and emerging AI technologies. He began his career writing with a plethora of national and international publications.

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