Four years ago, Ahmed Sabbah got introduced to N26, a neobank headquartered in Berlin when he travelled to Germany. The seamlessness of the transaction threw him aback. He thought to himself, why can’t we have something like that in Egypt? “Making the experience of accessibility easy and quick,” is at core of what Sabbah and his co-founder Youssef Sholqamy are trying to do with Telda, a fintech recently launched in Egypt. Telda wants to make transactions as easy as sending texts on WhatsApp.
Speaking to WAYA, Sabbah, co-founder and CEO of Telda, explained that his choice to establish a company in the fintech space was primarily due to the size of the opportunity. “Egypt is one the biggest consumer spending countries with 84% of GDP is annual household spending or consumer spending,” he said. “Out of the country’s payment transactions, only 4% is cashless. It is a greenfield, it’s a huge opportunity to tap into.”
All it takes is create an account, using their phone number and photo of ID, without the need to sign any papers. and the Tilda card can reach them to the door of their home, and then the user can carry out financial transactions without any fees.
Sabbah added that the application will be officially launched soon, and they are also in the process of closing a funding round. “We aspire to build a better financial experience, making financial transactions easy,” Sabah said. So far, the application is only available in English, although it is aimed at all groups, but Sabah indicated that they are working on launching an Arabic version of the application soon. Through Telda, users can track and manage their spending through the money management features. Additionally, the application automatically organizes expenses by category and merchant, allowing users to control their spending.
Sabbah believes that “the Money App,” as they like to call it, differs from other fintech solutions in terms of the services provided. “Competition in this field is fierce, everyone sees the opportunity and wants to take part. We believe that focusing on the customer and their experience is the basis,” he said. “This is what others do not focus on. Clients do not need most of the financial services that exist today, as they mainly depend on digital products, and they expect to have a complete technological experience, not just a few services or features.”
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