Copal launches Egypt’s first family payments app with Mastercard
Egyptian fintech start-up Copal has launched the country’s first family payment and expense management app in partnership with payments giant Mastercard.
Copal aims to provide a “seamless and innovative” cashless payments solution for all family members via its app and broaden financial inclusion by integrating the “underbanked youth” into the formal economy.
The platform allows parents to manage the platform with controls over their children’s funds and the ability to track and manage their expenses, safekeeping of allowances, overspending controls and provisions to make funds available in case of emergencies. The platform also comes with financial education tools for young family members.
“Copal’s vision is to fill the gap for the un- and under-banked through introducing a product that is specifically tailored to meet their every need,” says Ahmed Refaat, co-founder and CEO of Copal.
Copal was first introduced in February 2022 as a joint-stock fintech company, and has received funding from Flat6Labs Cairo. With the launch, the start-up plans to “fully onboard” in Egypt before expanding across Africa.