Tech

Egyptian digital payment startup, Copal, partners with Mastercard to launch family app

Published

2 years ago

February 15, 2023

Egypt’s first digital payment solutions platform, Copal, has entered into a strategic partnership with Mastercard to introduce the first family payment and expenses management application in the country.

The partnership which was reached on Tuesday, according to the Country General Manager, MENA Central, Mastercard, Adam Jones, aims to further drive financial inclusion in the country through the integration of underbanked youth into the formal economy.

“Our partnership with Copal demonstrates our commitment to expand the financial digital market in Egypt by providing our partners with the necessary services and tools to transform bold ideas and achieve scale at pace,” Jones said.

The introduction of Copal in the Egyptian market is designed to provide a seamless and innovative cashless experience for all family members, Ahmed Refaat, Co-Founder and CEO of Copal, said in a statement.

“Copal’s vision is to fill the gap for the un- and under-banked 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, and we are confident that, with their leadership and support, Copal will grow and expand as fast as we ambitiously planned,” Refaat added.

Giving the benefits of the partnership, Refaat said:

“Backed-up by Mastercard technologies, Copal brings entire family members on a unified payment platform that is fully managed by the parents.

“Accordingly, parents and custodians are able to control young family members’ funds and easily track and manage their finances, in addition to ensuring safekeeping of their allowances, controlling overspending and ensuring availability of fund in case of emergencies.

“The solution also comes with simplified financial education tools that support the inclusion of youth in the digitized 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,” he said.

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Tech

Mastercard partners Diamond Trust Bank to boost digital payments in East Africa

Published

6 hours ago

November 5, 2024

Isaac Dachen

Mastercard has struck a strategic partnership with Diamond Trust Bank (DTB) to boost digital payments in East Africa with specific focus on Kenya, Uganda, and Tanzania.

The a 10-year agreement will offer tailored digital payment solutions across the region with the two organizations hoping to transform the digital and banking landscape and experiences for businesses and individuals across the region.

Mark Elliott, the Division President, Africa, Mastercard, who made the announcement, said the partnership will focus on delivering innovative, secure, and convenient payment solutions, including bespoke card products and advanced transfer services for peer-to-peer (P2P), business-to-business (B2B), and person-to-business (P2B) transactions.

Introduced by Mastercard and DTB in partnership with Tappy Technologies, the card is Kenya’s first tokenization-based payment wearables which allows consumers to make secure, contactless payments simply by tapping the wearable device at any enabled point-of-sale terminal. This technology replaces sensitive payment data with encrypted tokens, ensuring that cardholder information remains protected during transactions, Elliott said.

“We are thrilled to collaborate with Diamond Trust Bank and Tappy Technologies to launch these game-changing innovations. By combining our expertise in digital payment solutions with DTB’s strong market presence, we are enhancing the banking experience and providing customers with more secure and convenient ways to pay.

“This collaboration highlights our deep commitment to driving digital transformation and financial inclusion across East Africa,” he added.

On his part, the Group CEO of DTB, Nasim Devji, said:

“This collaboration with Mastercard will help accelerate our digital transformation journey and significantly enhance our ability to deliver innovative financial solutions to our retail, SME, corporate, and fintech clients.”y

Tech

AfriLabs to host ‘Annual Gathering’ in Cape Town

Published

1 day ago

November 4, 2024

Isaac Dachen

Pan-African innovation hub, AfriLabs, has announced Cape Town, South Africa, as the host of its “Annual Gathering” scheduled to hold between November 6 and 8 under the theme, “Uniting Innovation”.

In the statement issued by the Executive Director of AfriLabs, Anna Ekeledo, this year’s “Annual Gathering” emphasises the importance of collaboration to drive economic growth and social development through Africa’s innovation ecosystem.

‘It will feature seven key tracks, each focusing on pivotal sectors that are essential for Africa’s future, such as makerspaces, gender and inclusion, investment, and hub solutions,” she said.

Ekeledo also revealed that AfriLabs has secured a number of partners for the event including RLabs, NASENI, Research & Innovation Systems for Africa Fund (RISA), the Technology Innovation Agency (TIA), Intel and UNFPA.

“The support of our partners is not only a testament to the global relevance of Africa’s innovation ecosystem but also to the importance of collaborative efforts in driving sustainable development across the continent,” Ekeledo added.

AfriLabs is a network organisation that is committed to driving innovation and entrepreneurship on the continent by bringing together technology hubs, startups, investors, and other key stakeholders in the ecosystem. It counts 496 hubs across 261 cities in 53 African nations as part of its network.