ArabFinance: Cairo-based financial services startup Khazna has obtained the final approval of the Central Bank of Egypt (CBE) to launch Khazna Card, according to an emailed press release.
Khazna Card is a Meeza prepaid card issued in partnership with Abu Dhabi Islamic Bank Egypt (ADIB Egypt).
The cards will enable customers to withdraw cash or make a deposit in their accounts, and to purchase items online or in stores.
By using Khazna cards, customers can immediately receive their salaries any time throughout the month and pay bills via the app.
Customers can link the card with Khazna App to check on their cash balance, as well as to activate or suspend the card.
It is worth noting that Khazna recently announced it raised a sum of $38 million in a Series A funding round, led by Quona Capital, in collaboration with Lendable, along with the participation of Nclude and other investors.
Since its establishment in 2020, total investments in Khazna amounts to $47 million.