Egypt: Masroofi allows access to payment cards for children aged 5-15

By : Adoni Conrad Quenum

Date : lundi, 09 janvier 2023 18:11

Masroofi takes tech-enabled financial inclusion to the next level by reducing the age barrier in Egypt. Indeed, while the minimum age required to get a bank card is 16 years, the solution offers a tailored solution for children. 

Masroofi is a digital solution developed by an Egyptian startup. It allows children aged between five and fifteen to get virtual payment cards for various transactions.  The solution targets closed communities like school sports clubs to enable children to get used to the various digital and cashless solutions around them. 

“As parents, many of us struggle with our children having cash in their hands because they are usually unaware of its worth. They either spend irresponsibly or they lose the cash. This is our seamless solution to parents, with regular notifications to parents of their childrens’ spending habits,”  says Masroofi co-founder and CEO, Mostafa Abd Elkhabir.

The solution has a mobile app accessible for iOS and Android devices. Using the app, parents can create accounts to request Masroofi cards for their children (for EGP75 or about US$2.72) and load those cards. 

The payment cards issued by Masroofi use NFC technology but, they are neither Visa nor Mastercard-branded.  On Playstore, the Android version of its app has been downloaded more than 50 times. Despite that low download count, the founders want to add more features to give an improved financial education to children.  

“We are considering creating an age-appropriate simulation that features different types of investment to expose children to investment experiences through their mobile application,” Mostafa Abd Elkhabir explains.

Adoni Conrad Quenum


Please publish modules in offcanvas position.