Raseedy launches Egypts first independent digital wallet

Cairo –  Raseedy announced on Monday that it has officially become the first independent licensed digital wallet in Egypt, in partnership with saib Bank and Mastercard.

Raseedy, established by Jacques Marco and Karl Marco as an Egyptian joint-stock company in 2018, has now launched its digital wallet with the aim of reaching one million users next year.

In a press event on Monday, Jacques Marco, CEO and Co-founder at Raseedy, pointed to the role of the new digital wallet in enhancing financial inclusion in Egypt, in cooperation with saib, Mastercard, and Meeza.

Marco noted that the company was founded to bridge a gap in the e-payments sector for both companies and individuals, with a focus on small and microtransactions.

The CEO identified three main services that the company is offering, first is for microfinance investors, as it helps digitise the entire process using a mobile app, with a target market of 3.5 million people.

Secondly, corporate and payroll services, with more than two million registered companies in the country, and finally, the services for individuals who could use the wallet to transfer money, pay bills, shop online, or pay using the QR code.

Raseedy wallet provides users with multiple digital financial services, including money transfer, bill payment, and online card-less digital payment, international remittances, in-store and distant merchant payment via QR codes. Furthermore, Raseedy offers tailored solutions for company-specific payroll disbursement needs, and has a dedicated service for microfinance institutions with fully automated loans disbursement and instalments collection, according to a company statement.

“Launching Raseedy wallet relies on a deep belief in our role to positively impact people’s lives by providing them with more accessibility to financial services. At Raseedy, we do not see our wallet just as an innovative FinTech service, but as an opportunity to bridge the gap between formal financial services and underserved customers, ensuring the ability to control their finances easily and swiftly,” said the CEO.

“Raseedy wallet aspires to become integrated into the Egyptians’ everyday life, as an effective and secure alternative to cash, enabling customers to easily satisfy their needs by a press of a button on their mobile screens, from female breadwinners and SMEs to CEOs.”

Meanwhile, Amr Nossair, Head of Retail Banking and Delivery Channels at saib Bank, said that “Raseedy digital wallet provides inclusive digital financial solutions for the Egyptian community towards cash-less future. Transformation to non-monetary economy was proven essential during the Coronavirus outbreak, leading to wider dependence on e-payments to protect citizens’ safety. Moreover, Raseedy wallet contributes to financial inclusion for underserved Egyptians, enabling them to achieve financial security.” Nossair also pointed to cooperation with the Paymob platform.

For his part, Mohamed Assem, Country Manager at Mastercard, commented: “We take pride in our participation in launching Egypt’s first independent digital wallet created by an Egyptian FinTech company. Our partnership with Raseedy comes in line with Mastercard’s commitment to dedicate its expertise and technological solutions to support FinTech companies and deliver secure e-payment methods enabling all Egyptians to conveniently manage their finances. We also believe in the prominence of the banking sector and e-payment companies joining forces to thrive with digital transformation and financial inclusion in Egypt and the Middle East.”