Egypt’s start-up Copal to launch 1st family payments app with Mastercard

Egyptian fintech start-up Copal has collaborated with global payments technology company 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 app is designed to give custodians control over young family members’ funds, allowing them to easily track and manage finances and ensure safekeeping of allowances.

The app’s features include simplified financial education tools that supports the inclusion of youth in the digitised payment ecosystem and helps them become more financially savvy.

Ahmed Refaat, co-founder and CEO of Copal said the app aims to drive financial inclusion in the country by integrating underbanked youth into the formal economy and providing a cashless experience for all family members.

MasterCard demonstrates its commitment to expand the financial digital market in Egypt by providing the necessary services and tools to transform bold ideas and achieve scale at pace, country general manager for MENA Central at Mastercard, said.

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.