Lucky ,Egypt’s leading fintech app for credit products, offers & cashback rewards announced that it obtained the Central Bank’s final approval to launch the ‘Lucky One’ card in collaboration with Mashreq Bank, Meeza, and MDP. The card is specifically designed to offer market-leading cashback rewards, as well as numerous additional features including mobile bill payments, withdrawal, and deposits.
The partnership comes in line with the Egyptian Central Bank directives & plans, which aims at achieving financial inclusion, in addition to encouraging the cashless economy. The collaboration is intended to facilitate the service of obtaining the card for customers through the application with simple and fast procedures.
Users of the Lucky One card will have access to several benefits including the ability to withdraw and deposit, pay by using the card at any merchant, and earn up to 5% cashback on every transaction – the highest cashback percentage in Egypt. On top of that, customers can install their transactions from their Lucky credit account through the app.
Additionally, the Lucky One card has been designed to provide users best in class convenience and ease of use. For example, with regards to making deposits on the card, users can do so via ATM machines easily.
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.”
Essawy added “We are proud of this partnership which supports the Central Bank of Egypt goals and Egypt’s vision 2030 towards financial inclusion.
In this regard, Mr. Amr El Bahey, CEO of Mashreq Bank – Egypt stated: “We are proud to collaborate with Lucky and other leading Egyptian companies such as Meeza and MDP.
He further explained “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.”
Ahmed Nafie, CEO of MDP said: “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 & processing capabilities. We continue to develop and expand our Fintech-as-a-service offerings, giving our partners the agility & flexibility to meet their customers’ everchanging & dynamic needs,”
“We’re excited about unlocking new innovative & growth opportunities with Lucky – in alignment with MDP’s vision to be the partner of choice in accelerating digital financial services in Egypt & the MEA region.” said Ahmed Nafie, CEO at MDP.
The cooperation protocol was signed on the 25th of April, 2022 by Mr. Amr ElBahey, CEO of Mashreq Bank Egypt & Ayman Essawy, Co-founder, and Managing Director of Lucky and Mr. Ahmed Nafie, CEO at MDP, in the presence of senior representatives of all partners, including Mr. Haitham Hammad, Executive Vice President and Head of Retail Banking and Distribution Channels at Mashreq Bank – Egypt, along with Khaled ElGoghel , Managing Director at MDP.
