finnovex In-Depth Analysis 2020: Fintech Ecosystem Developments in Egypt by Richie Santosdiaz for the FinTech Times
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Mastercard Extends Partnership to Support Digital Payments in Egypt

Mastercard has extended its existing partnership with Egyptian bank Banque Misr to enhance its digital payments portfolio in Egypt. 

Mastercard will provide Banque Misr with its digital payment technology, to support it in offering new products, services and innovative solutions to customers from all segments across Egypt. Through the partnership, Mastercard also aims to support Egypt’s strategy to achieve digital transformation and encourage electronic payment systems.

Banque Misr hopes to benefit by unlocking new business value, boosting operational efficiencies, and creating better, more meaningful customer experiences. The Egypt-based bank will also benefit from bespoke issuing, acceptance, consultancy, and long and short-term advisory services.

Leveraging its Advisors Client Services Hub, Mastercard plans to redefine the bank’s offerings and optimise customer engagement. The global payments leader looks to not only boost the volume of consumer transactions but also accelerate a shift towards a cashless society – something Egypt has already begun working towards.

2017 saw Egyptian President Abdel Fattah Al-Sisi establish the National Council for Payments to help reduce the use of banknotes and support the use of electronic payments.

Mastercard’s efforts also align with its own global pledge – to bring one billion people and 50 million small businesses into the digital economy by 2025. Mastercard is also placing emphasis on targeting bringing 25 million female entrepreneurs into the digital economy by 2025.

‘Uplifting the Egyptian economy’

Mohamed El Etreby, chairman of Banque Misr, discussed its collaboration with Mastercard. He explained: “We are proud of the success that we have collaboratively achieved with Mastercard over the past few years. We are confident that this partnership will support our commitment to expanding our services and offer our customers a unique, seamless digital experience. Banque Misr is continuously working to enhance financial inclusion and taking the necessary actions to support this mission ultimately uplifting the Egyptian economy.

“This partnership aims to support digital transformation and the financial technology pillars which focus on connecting unbanked segments of society to convenient financial solutions. In turn, we work on curating partnerships that enhance our financial and non-financial services tailored specifically to them and delivered through our wide branch network across Egypt.

“This protocol complements the previous successes between Banque Misr and Mastercard in collaboration among various fields of electronic payments.”

Dimitrios Dosis, president of EEMEA at Mastercard, also commented on the partnership. Dosis said: “We are thrilled to extend our longstanding partnership with Banque Misr that contributes to fast-tracking the growth of the digital payment landscape and paving the way for a sustainable digital economy in Egypt.

“Carrying on our successful track record, the agreement reaffirms our ongoing shared commitment to developing the cashless ecosystem by introducing new products and capabilities that strengthen the bank’s value proposition and diversify its digital payment portfolio.”

Author

  • Tom joined The Fintech Times in 2022 as part of the operations team; later joining the editorial team as a journalist.

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