Ingiz, a family financial management start-up in Egypt, has partnered with Mastercard to launch a digital payments app designed to drive financial literacy and inclusion among young people.
A key focus for the start-up is encouraging young users to earn, save and spend money with gamified in-app features while offering parents non-invasive monitoring tools for oversight. Ingiz also provides prepaid cards for parents and their children to help manage finances more efficiently.
As part of the deal, Mastercard will supply Ingiz with compliance, security and fraud prevention tools to help navigate regulations and safeguard customers’ transactions. According to its National Payment Index 2022, younger generations are proactively seeking out new payment methods. Mastercard reported that 40% of Gen Z and Millennials are likely to have obtained a new touch-free payment and are less likely to make in-person purchases and payments.
“Adoption of a greater range of digital payment methods is rising in Egypt, and we are committed to developing new technology and providing innovative solutions that will enhance the payment experience. Our partnership with Ingiz will deliver a robust and intuitive family financial management app that unlocks access to secure and innovative payment options for future generations,” said Inji Borai, Country Manager, Egypt and North Africa, Mastercard.
Sherif Ramadan, CEO, Ingiz added: “Together with Mastercard, we seek to build a next-generation solution that will drive financial inclusion and, in turn, financial literacy in Egypt. The partnership will enable us to offer an unparalleled financial education experience that prepares our youth for a brighter tomorrow.”
In addition, Ingiz has partnered with Masria Digital Payments (MDP) to allow it tap into expertise of MDP as a payment processor. Ingiz is alsp a part of MV Builder II – the Venture Builder program launched by Modus, a Venture Platform comprising Venture Building, VC funds, and a Corporate Innovation arm, to drive digital inclusion in Egypt by building and supporting start-ups.