Mena lifestyle-enabling fintech ValU has partnered with Telda, an Egyptian digital payments platform, to offer instant cash redemption and instalment solutions to users of ‘Sha2labaz’.
Through this partnership, ‘Sha2labaz’ customers will be able to receive instant cash on their Telda accounts by scanning their receipts, linking their Telda accounts and redeeming their cash which can be used for online payments, payments at brick-and-mortar stores and ATM cash withdrawals worldwide.
Group head of product development at valU, Ahmed Seoudy, said: “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 programme 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 to bring the programme to the Mall of Egypt and City Centre Almaza.
So far, the joint project surpassed EGP 1 billion in sales across Majid Al Futtaim shopping malls in Egypt.
CEO at Telda, Ahmed Sabbah, said: “Partnering with valU is a major step forward for Telda and underscores our mission to revolutionise 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.”
