Egyptian fintech startup Copal has partnered Mastercard to launch a family payments mobile app that brings all family members onto a unified payment platform that is fully managed by parents.
Copal, which recently graduated from the Flat6Labs Cairo accelerator programme, claims to be Egypt’s first digital payment solutions application specifically designed for families, and aims to further drive financial inclusion in the country through the integration of underbanked youth into the formal economy.
The startup has entered a strategic partnership with Mastercard to introduce its family payment and expenses management application in Egypt, with the goal of providing a seamless and innovative cashless experience for all family members. Copal brings together all family members on a unified payment platform that is fully managed by the parents. 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 supports the inclusion of youth in the digitised payment ecosystem and helps them become more financially savvy. Young family members will learn how to manage their money, manage their savings and give back to the community.
“Copal’s vision is to fill the gap for the un- and under-banked through introducing a product that is tailored specifically to tailor for 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.”
Adam Jones, country general manager for MENA Central at Mastercard said his company leveraged technologies to modernise and deliver innovative solutions that unlocks the true potential of inclusive growth and brings more people into the digital 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,” he said.
