In a step to drive the evolution of financial services in Egypt, Misr Digital Innovation (MDI) has signed a seven-year partnership deal with Mastercard.
As part of the partnership, Mastercard is set to support MDI with the issuance of debit, credit, and prepaid cards, as well as offering advisory, marketing, and product innovation support; at a pivotal moment when an increasing number of Egyptians are turning to financial services to shop for products and services.
A recent survey by Mastercard highlighted how 72% of Egyptians are shopping more online since the onset of the Covid-19 pandemic, and a further 57% also said they also started banking online.
To cater to the growth of e-commerce, the Digital Bank will offer customers access to banking services via mobile, desktop, and other internet-enabled devices; eliminating the need to visit traditional and physical banking branches.
MDI was established in 2020 to launch the first digital bank in Egypt in line with the Central Bank of Egypt (CBE) rules and regulations, MDI will launch a variety of banking solutions that aim to provide access to the digital economy and drive financial inclusion for the Egyptian community.
“We have a clear and defined digital transformation strategy, which enables us to provide our customers with unparalleled digital banking products and services,” said Mohamed Eleterby, Chairman of Banque Misr. “Our partnership with Mastercard not only paves the way for safer, smarter, and more seamless payment experiences, but also showcases our dedication to ensuring that everyone in Egypt can benefit from a successful digital economy.”
“We are delighted to partner with MDI and are confident that our extensive experience in the local market and deep understanding of consumer expectations will enable us to deliver cutting-edge banking services and solutions that consistently meet people’s needs and wants,” said Mohamed Benomar, Country Manager – North Africa, Mastercard. “As a global technology leader, we are committed to enabling financial inclusion and encouraging the shift towards a thriving and all-inclusive digital economy in Egypt.”
“MDI aims to offer advanced digital services that will add value to the customers’ lives and help them realize their financial potential,” said Sherif Elbehery, Chief Executive Officer at MDI. “Our collaboration with Mastercard reflects our aspiration to ensuring that Egyptians can access banking solutions and ultimately be a part of Egypt’s digital transformation journey.”
