Connect Money Targets One Million Customers in Egypt by 2027 as It Pursues Regional Expansion

Monday 9 November 2026 13:26

Connect Money aims to reach one million customers in Egypt by 2027, supported by new projects with major institutions and plans to expand into regional markets, according to Ahmed Mazhar, the company’s Chief Commercial Officer and Co-Founder.

Speaking to Fintech Gate on the sidelines of Cairo ICT 2026, Mazhar said the company has been operating in the Egyptian market for two years, focusing on partnerships with businesses that have large customer bases in retail, telecommunications, and the oil and gas sectors.

These partnerships enable institutions to offer financial services without having to independently build the required technological and operational infrastructure.

Mazhar explained that Connect Money manages the entire service process, from infrastructure and technical setup to operations. This model allows partner companies to offer financial products under their own brands while using their existing customer bases to expand service availability.

Financial Inclusion and Reaching Underserved Customers

Connect Money’s business model focuses on reaching people who are unbanked, users of electronic wallets, and individuals who rely on cash for everyday transactions.

The company provides simplified financial products through familiar brands, helping extend access to financial services beyond traditional banking channels.

Mazhar noted that prepaid cards are the starting point for the company’s range of solutions. Connect Money is also developing new products and use cases designed to address the needs of different economic sectors and customer groups.

InstaPay as a Prepaid Card Funding Channel

Regarding card funding options, Mazhar said the InstaPay application is one of the key channels customers use to top up their cards, allowing them to fund them through an established digital payment channel in the Egyptian market.

Regional Expansion and Strategic Partnerships

Connect Money is continuing its plans to enter markets outside Egypt, drawing on its local operating experience and business models that could be adapted to markets with similar characteristics and customer needs.

The company’s key partners include Banque Misr, Visa, Meeza and Modupay.

Mazhar added that obtaining a license from the Central Bank of Egypt is a key factor in building trust with major institutions, particularly given the limited number of companies operating in Egypt that hold this type of license.