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East Africa Frontline News

NextFrontier Africa is a media platform spotlighting Africa’s emerging opportunities in technology, tourism, aviation, agriculture, health, logistics, real estate, trade, education, and e-commerce.

February 11.2025

2 Minutes Read

Khazna's $16M Boost: Pioneering Financial Services for Low-Income Egyptians

Diverse group of professionals posing, related to financial super app.

A Financial Revolution in Egypt: Meet Khazna

Amidst a backdrop of limited access to traditional banking services, Khazna—a fintech startup founded in 2019—has been making significant strides to bridge this gap. With over 60% of Egypt's population reliant on cash transactions, Khazna is taking a bold step into the future by providing a financial super app that caters specifically to low- and middle-income earners.

Investing in the Future: Khazna Secures $16 Million

Recently, Khazna successfully secured $16 million in pre-Series B funding, raising its total funding to over $63 million. This boost is set to support Khazna's strategic expansion efforts, including plans to apply for a digital banking license in Egypt and venture into the Saudi Arabian market—a region ripe for innovative financial services.

Empowerment Through Financial Tools

Khazna's core services are tailored to help those earning less than three times the minimum wage, offering solutions like salary advances, digital payments, and microloans. Presently, 100,000 users receive their payroll through Khazna, further integrating financial services with everyday employment to foster financial inclusion.

Charting a Path to Digital Banking

As Khazna moves toward gaining a deposit-taking license, the startup aims to transform its operational model to include customer deposits. CEO Omar Saleh highlights that this change would not only reduce the cost of funding but also enable Khazna to offer more competitive loan products in a market demanding innovative financing options.

Aiming High: Future Prospects

With plans to secure the banking license from Egypt’s Central Bank by mid-2026, Khazna is not just responding to customer needs but is poised to redefine what digital banking can offer in emerging markets. As it sets its sights on Saudi Arabia, Khazna is well-positioned to tap into the growing consumer finance demand, fostering economic empowerment through accessible financial services.

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Ahmed Jaouadi's 800m Freestyle Win: A New Dawn for African Swimming

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Khazna's $16M Boost: Pioneering Financial Services for Low-Income Egyptians

A Financial Revolution in Egypt: Meet Khazna

Investing in the Future: Khazna Secures $16 Million

Empowerment Through Financial Tools

Charting a Path to Digital Banking

Aiming High: Future Prospects

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