Central Bank of Egypt Grants Final Approval for Lucky to Launch Lucky One Card to Customers

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Lucky, Egypt’s leading fintech app for credit products, offers and cashback, has announced that it has obtained final approval from the Central Bank to launch the “Lucky One” card in collaboration with Mashreq Bank, Meeza, and CDM. The card is specially designed to offer some of the best cashback rewards on the market, as well as many additional features, including mobile bill payments, withdrawals and deposits.

The partnership is in line with the guidelines and plans of the Egyptian Central Bank, which aim to achieve financial inclusion, in addition to encouraging the cashless economy. The collaboration aims to facilitate the service of obtaining the card for customers through the application with simple and fast procedures.

Lucky One card users will have access to several benefits, including the ability to withdraw and deposit, pay using the card at any merchant, and earn up to 5% cashback on every transaction – the percentage highest cashback rate in Egypt. On top of that, customers can setup their transactions from their Lucky Credit account through the app.

Additionally, the Lucky One Card has been designed to provide users with ultimate convenience and ease of use. For example, when it comes to deposits to the card, users can easily do so through ATMs.

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 giving underbanked users a banking experience they have never had before.

Essawy added “We are proud of this partnership which supports the objectives of the Central Bank of Egypt and Egypt’s 2030 vision for financial inclusion..

In this regard, Mr. Amr El BaheyCEO of Mashreq Bank – Egypt said: “We are proud to collaborate with Lucky and other great Egyptian companies such as Meeza and MDP.

He further explained “this partnership allows us to expand our product offering and improve our customer experience, in addition to facilitating collaboration between Mashreq Bank – Egypt and FinTechs with the aim of supporting financial inclusion in Egypt.”

Ahmed NafieCEO of MDP said: “MDP’s strategic partnership with Lucky will expand its digital financial solutions offerings as we empower our customers to offer modern, best-in-class card issuance and processing capabilities. We continue to develop and expand our Fintech-as-a-service offerings, giving our partners the agility and flexibility to meet the changing and dynamic needs of their customers.“,

We are excited to unlock new opportunities for innovation and growth with Lucky – in line with MDP’s vision to be the partner of choice to accelerate digital financial services in Egypt and the MEA region..” said Ahmed Nafie, CEO of MDP.

The cooperation protocol was signed on 25e 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 of 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, as well as Khaled ElGoghel, Managing Director of MDP.

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