Basata Partners with Connect Money to Launch 'Basata Card' in Egypt
Leading Egyptian fintech company Basata Holding for Financial Payments has announced a strategic partnership with Connect Money to launch the 'Basata Card'. This collaboration aims to provide flexible and secure digital payment solutions for both merchants and consumers, reinforcing Egypt's push towards financial inclusion and a cashless digital society.
Strengthening Egypt's Digital Payment Ecosystem
The partnership leverages the strengths of both companies to enhance the efficiency of financial transactions in Egypt. Basata, with its extensive network, and Connect Money, with its Banking-as-a-Service (BaaS) technology, are joining forces to make digital payments more accessible and user-friendly. This aligns with Basata's strategy to expand its portfolio and enrich the user experience within Egypt's growing digital payments landscape.
Introducing the 'Basata Card'
The newly launched Basata Card offers several key features designed for convenience and security:
Wide Accessibility: Users can obtain the card at Basata branches using only a national ID, without needing a traditional bank account.
Versatile Use: Enables cash withdrawals from any ATM across Egypt, plus secure online and in-store purchases.
Instant Transfers: Allows seamless and rapid peer-to-peer money transfers between cardholders.
Security: Features immediate card deactivation in case of loss or theft.
Strategic Collaboration
This collaboration allows Basata to quickly roll out a sophisticated card product by utilizing Connect Money's white-label card issuing platform and BaaS expertise. Karim Shehata, CEO of Basata Holding, emphasized the commitment to "developing a more integrated and user-friendly payments ecosystem – one that accelerates digital transformation and enhances transaction efficiency across the Egyptian market." The partnership aims to empower both merchants (through easier transaction management) and consumers (via accessible digital finance).
Looking Ahead
The launch of the Basata Card through this partnership represents a significant step in making digital financial tools more accessible to a wider segment of the Egyptian population, including the unbanked. By simplifying payments and transfers, the initiative strongly supports Egypt's national goals for financial inclusion and digital transformation. Basata plans to continue adding features and enhancing the card's capabilities in the near future.
Sources: Zawya