Egypt: Lucky offers access to credit products in a cash-dominated economy

By : Adoni Conrad Quenum

Date : vendredi, 22 avril 2022 17:46

In Africa, thanks to technology, citizens now have easy access to alternative financial solutions. Lucky is one of those solutions. 

Lucky is a digital app that gives users in the MENA region the chance to win discounts, as well as access interesting offers, cashback, and credit products from 20,000 local and international brands. The platform was developed by the eponymous startup, Lucky, co-founded in 2018 by two Egyptians, Momtaz Moussa and Ayman Essawy (photo). 

In March 2022, some four years after its creation, the startup completed a US$25 million series A funding round to support its growth in the MENA region. Lucky gives users transparent offers and increased buying power in a region where consumers usually have poor or no access to credit. For Momtaz Moussa, “the MENA region’s huge unbanked, young population and cash-dominated economy is a significant market opportunity” for Lucky.    

All users have to do is to download Lucky from AppStore or PlayStore, register, and shop as they usually do to start accumulating points to be redeemed for discounts and cashback from the numerous e-commerce platforms Lucky is partnered with. Most of the time, the offers and cashback come from brands seeking more visibility. In their quest, they pay commissions to Lucky, which redirects part of those commissions to its users through the offers and cashback. 

Currently, the startup claims more than eight million users and a network of 30,000 stores.  

Adoni Conrad Quenum


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