Egyptian fintech company Lucky has received final approval from the Central Bank of Egypt to distribute the “Lucky One” card to all its customers.
Lucky, a company started by Ayman Essawy and Momtaz Moussa Momtaza in 2018, gives customers access to an increasing number of easy-to-use credit products, cashback benefits and savings that can be used in person and online with more than 20,000 domestic and global corporations.
The company has seen rapid expansion since it was first established; at present, it boasts of the largest merchant network in Egypt and has more than 8 million users that have joined up for its services. The gross merchandise value has expanded year over year by a factor of 250, and it has just recently reached Morocco.
Lucky completed a Series A funding round in March that brought in US$25 million. The company plans to improve its credit capabilities, expand its market share, and jumpstart further international expansion with this money. As a direct result, it has now been granted full approval by the Central Bank of Egypt to distribute the Lucky One card to all customers.
The card, which was made in collaboration with MDP, Mashreq Bank and Meeza, is designed to offer the best cashback rewards in the industry and a wide range of other services, such as paying bills, making withdrawals, and making deposits with a mobile phone.
Users of the Lucky One card will have access to several benefits, including the ability to withdraw and deposit money, pay for goods at any shop, and get up to 5 per cent cash back on every transaction, amongst other benefits.
Essawy said, “Lucky’s goal is to help the fintech ecosystem and do shopping, saving, and making payments easier for underbanked users by giving them a banking experience they’ve never had.”