Raseedy launches Egypt’s first independent digital wallet

Raseedy has officially launched the first independent licensed digital wallet in Egypt, in partnership with saib Bank and Mastercard.

Raseedy, established by Jacques Marco and Karl Marco as an Egyptian joint-stock company in 2018, has now launched its digital wallet with the aim of reaching one million users next year.

In a press event on Monday, Jacques Marco, CEO and Co-founder at Raseedy, pointed to the role of the new digital wallet in enhancing financial inclusion in Egypt, in cooperation with saib, Mastercard, and Meeza.

Marco noted that the company was founded to bridge a gap in the e-payments sector for both companies and individuals, with a focus on small and microtransactions.

The CEO identified three main services that the company is offering, first is for microfinance investors, as it helps digitise the entire process using a mobile app, with a target market of 3.5 million people.

Secondly, corporate and payroll services, with more than two million registered companies in the country, and finally, the services for individuals who could use the wallet to transfer money, pay bills, shop online, or pay using the QR code.

Raseedy wallet provides users with multiple digital financial services, including money transfer, bill payment, and online card-less digital payment, international remittances, in-store and distant merchant payment via QR codes. Furthermore, Raseedy offers tailored solutions for company-specific payroll disbursement needs, and has a dedicated service for microfinance institutions with fully automated loans disbursement and instalments collection, according to a company statement.