Cairo, Egypt: 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’ ever changing & dynamic needs,” said Ahmed Nafie, CEO at MDP. “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.
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.
About Lucky: Lucky is the leading fintech app in Egypt for consumer credit products, powered by market-leading cashback rewards and a merchant network of more than 40,000 stores. Lucky is trusted by more than 8 million Egyptians.
About Mashreq Bank: One of the UAE’s best performing banks for five decades, Mashreq is a leading financial institution with an expanding footprint across the Middle East. We have international offices in Europe, Asia, Africa and the US, and a strong presence in the financial capitals of the world.
As the oldest bank in the UAE, our journey can be traced back to humble beginnings in 1967, followed by periods of rapid growth and strategic expansion. Throughout our history, Mashreq has differentiated itself by pioneering new-to-market concepts and launching unique products and services.
Our innovative approach sets us truly apart, it also continues to win us numerous awards and accolades across all fields including digital banking, the most recent were: Market Leader by Euromoney Cash Management Survey in UAE for Corporates and in the Middle East and Africa for the Financial Institutions, Market Leader by Trade Finance Survey in the UAE and the Middle East, Middle East Best Digital Bank by Euromoney Regional Awards for Excellence, the Most Innovative Consumer/Corporate Digital Bank in the UAE and Best Bank in the UAE by World's Best Bank Awards by Global Finance, Most Innovative Bank in the Middle East by EMEA Finance and many others.
Mashreq has been present in Egypt since 1977. Today, Mashreq Egypt is considered the largest overseas branch across the entire Mashreq overseas network with 14 branches in the country, the bank is a vibrant player in the Egyptian Corporate, Retail, and SME space.
About MDP: MDP is the leading card issuing platform, enabling businesses to roll out their financial solutions with end-to-end payment infrastructure offerings – ranging from personalized card production to digital processes transactions. MDP is well-positioned in the market for more than 30+ years’, acknowledged for accelerating payment experiences – through a tech-driven approach. MDP embraces the global adoption of innovative, scalable & secure emerging fintech solutions; that provide seamless omni-channel customer experiences. MDP is headquartered in Cairo, Egypt with an extended footprint in more than 40 countries globally.