Visa partnered with Egypt Post to provide access to formal financial services in remote cities and villages across Egypt. As part of the joint initiative, Visa is helping empower the post’s 25 million account holders with money management skills and by educating them on Visa’s financial solutions that are both cost effective and scalable.
Visa held training workshops that included an overview of the electronic payments industry, our brand, risk, innovations, and the impact of electronic payments on individuals and economies. In addition to the sessions, over 115,000 financial literacy booklets were printed for distribution to Egypt Post customers. The booklets provide clear and simple lessons on saving, the benefits of budgeting and spending responsibly.
The training workshops and financial literacy booklets support Egypt Post’s drive to transform the majority of its accounts from paper-based to electronic. Visa and Egypt Post have also agreed to a deal which would include issuing 9 million cards for account holders and pensioners over the next six years in addition to enabling over 4,000 Egypt Post branches.
Egypt Post will also offer mVisa to customers and merchants that will enable the entrance of new segments into the financial system, and provide a mobile-based solution in a market that has over a 100 percent mobile penetration.
Empowering Egypt Post employees with this knowledge and launching the new set of services with this powerful financial institution enables Visa to play a greater role in driving financial inclusion efforts in Egypt as the market increases its financial transparency with greater adoption of digital payment options.