ValU, a leading financial services technology company in the Middle East and North Africa, has announced significant success with its new prepaid card, generating $8.3 million in transaction value within the first three months of launch.
The company, in partnership with Visa, introduced the prepaid card in late March as part of its ongoing efforts to provide customers with convenient and enjoyable shopping experiences. In a recent LinkedIn post, ValU CEO Walid Hassouna reported that 55,000 cards have been activated, processing 250,000 transactions worth approximately 400 million Egyptian pounds ($8.3 million USD). Hassouna expressed confidence in the card’s continued growth, stating, “We will soon be the most widely used prepaid card in Egypt.”
The new ValU prepaid card offers several benefits to customers, including seamless financial transactions for purchases and bill payments. It also allows for easy fund transfers from ValU balances, further integrating the company’s suite of financial products.
In addition to the prepaid card, ValU recently launched ‘Spark it,’ an innovative product enabling customers to complete payments without additional fees within a one-month period. The prepaid card and ‘Spark it’ reflect ValU’s commitment to enhancing the payments sector in Egypt.
The successful prepaid card launch strengthens the existing partnership between ValU and Visa, following their recent collaboration on a new credit card exclusively for ValU customers. The card is designed for ease of use, allowing customers to plan expenses effectively. Users can monitor their balance and transaction history through the ValU app, empowering them to make informed financial decisions.
ValU’s rapid success with the prepaid card demonstrates the growing demand for innovative financial solutions in Egypt and the broader MENA region. The company’s focus on customer experience and technological advancements positions it as a key player in the evolving fintech landscape.