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Central Bank of Egypt Greenlights Telda

Central Bank of Egypt Prepaid Card Telda
Central Bank of Egypt Greenlights Telda
    written by
    Nada Medhat

    On Monday, July 18, the Central Bank of Egypt gave Telda the final approval to launch its prepaid card and application in Egypt. So will bank accounts soon be old-fashioned? Perhaps. It’s certainly more possible with the latest news. In the drive to achieve total financial inclusion and complete digital transformation, CBE’s visions unite with Telda’s.  

    The Telda app offers a large variety of new features, all meant to help the transformation and digitalisation of the country’s economy and to better accommodate millennials and Gen Zers. The first of its features is the free issuance of prepaid cards powered by Mastercard. The prepaid cards can be used for online, in-store payments, and cash withdrawals from any ATM around the world. This supports the full integration of payment experiences while taking bank accounts away from the centre of the experience. 

    Users will also be able to send and receive money from any Telda user instantly and for free. Then there are the detailed control and insight features that are meant to give users complete control and awareness of what the card can do and their spending habits. 

    Millennials and Gen Z are eager to be fully integrated into the economy in innovative and easy ways that don’t have the bureaucratic experience of setting up a bank account. Telda is a financial brand that is tailor-made for this.

    CEO and Co-founder of Telda, Ahmed Sabbah, said, “We are very happy to have received the final licence from the Central Bank of Egypt to launch the Telda app and card, as we strive to participate in the country’s transformation into a digital economy and help accomplish the Central Bank’s vision to achieve financial inclusion through constantly offering smart and fast payment solutions”.

    Sabbah added: “Telda is an entirely new financial experience that empowers the youth to indulge into 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 as an alternative to the traditional payment and transfer methods.”

    The step is a natural one in the country’s plan of achieving financial inclusion and sustaining economic growth for both the individual and the nation.