By:Reham Ali
valU, MENA’s leading lifestyle enabling fintech platform, announced today that it has partnered with Telda — Egypt’s digital payments platform that offers its users payments services through its mobile application and prepaid card without the need of having a bank account — to enable users of valU’s instant cash redemption product, “Sha2labaz”, to disburse money on Telda— a unique value proposition and the first-of-its-kind partnership and offering in the Egyptian market.
Through this partnership, “Sha2labaz” customers will be able to receive instant cash on their Telda accounts from the comfort of their homes through the simple and streamlined process of scanning their receipts, linking their Telda accounts, and instantly redeeming their cash which can be used for online payments, payments at brick-and-mortar stores, and ATM cash withdrawals, anywhere in the world. Moreover, Telda purchases can be redeemed through “Sha2labaz” and be refinanced through valU’s installment plans up to 60 months. Lastly, customers can also pay for valU’s installments through Telda directly through the valU app.
Ahmed Seoudy, Group Head of Product Development at valU, commented: “We are delighted to be partnering with Telda today, and to be breaking ground in the Egyptian market with yet another unique and innovative offering in collaboration with the renowned payment app. As promoting digital transformation becomes a shared goal across the world, it is important now more than ever to boost Egypt’s fintech ecosystem through digital financial solutions that ensure speed, convenience, and accessibility for the public. While different in nature, both valU and Telda share a common vision of changing the way payments are made in Egypt and supporting the country’s move to a cashless society.”
Launched in November 2021, “Sha2labaz” is an instant cash program that enables customers to receive cash reimbursements equivalent to or exceeding the total value of previously made purchases subject to their valU limit. In 2022, valU partnered with Majid Al Futtaim (MAF) to bring “Sha2labaz” to MAF’s Mall of Egypt and City Centre Almaza. In 2023, valU and MAF celebrated the milestone of surpassing EGP 1 billion in sales across MAF’s shopping malls in Egypt since the start of their partnership.
Ahmed Sabbah, CEO at Telda, commented: “Partnering with valU is a major step forward for Telda, and underscores our mission to revolutionize the financial landscape. By joining forces, we firmly believe we can offer our users more convenient and seamless financial services, while creating greater value for both businesses. This mutually beneficial strategic alliance will allow both companies to leverage their respective strengths and create a stronger presence in Egypt’s financial services industry by providing more comprehensive financial solutions to their customers.”
Launched in August 2022, Telda is the first-of-its-kind money app in Egypt that empowers its users to enjoy and take control of their finances with ease through offering a seamless digital experience. Users can now open free accounts in minutes and receive Telda cards, which they can use for online and in-store purchases, as well as ATM cash withdrawals, all around the world. Telda’s mission is to make money management simple and accessible, in line with the country’s vision of promoting financial inclusion.
