The partnership aims at bringing more unbanked and underbanked Egyptians into the formal economy
-Mastercard’s collaboration with NBE will focus on expanding the suite of digital payments in Egypt
By : Bakinam Khaled
The National Bank of Egypt (NBE) and Mastercard have announced a new strategic partnership to bring next level digitization into the Egyptian economy. Through this collaboration, Mastercard and NBE will offer best-in-class digital payment solutions that will help bring more unbanked and underbanked into the formal economy. The new announcement cements the long-standing partnership between the two entities in their endeavour to drive innovation and financial inclusion in the country.
Dimitrios Dosis, President, Eastern Europe, Middle East and Africa (EEMEA), Mastercard, and Hisham Okasha, Chairman, NBE, signed the agreement in the presence of Khalid Elgibali, Division President, MENA, Mastercard, Adam Jones, Country General Manager, MENA Central, Mastercard, Yehia Abou ElFotouh, Deputy Chairman, NBE, Dalia ElBaz, Deputy Chairman, NBE and Karim Soos, CEO, Retail Banking and Branches, NBE, in addition to other notable figures from both parties.
Dimitrios Dosis, President, Eastern Europe, Middle East and Africa (EEMEA), Mastercard, said: “This partnership is an excellent example of collaboration to expand the suite of digital payments in Egypt, drive financial inclusion and develop a sustainable robust digital economy. As we work together, we aim to further develop the payment ecosystem and provide consumers access to innovative, seamless and secure payment solutions.”
Commenting on the agreement, Hisham Okasha, Chairman, The National Bank of Egypt, expressed his contentment on extending the partnership with Mastercard, a global pioneer in payment innovation and technology. He stated that this partnership is a testament to the collaboration that enabled the bank’s strategy to lead Egypt towards financial inclusion and promote digital transformation. Okasha further indicated that this partnership supports the bank’s long-term business strategy to diversify its portfolio with upscaled solutions across Egypt and enable the flow of foreign currency in the market.
“As the demand for emerging payment methods continues, Mastercard is dedicated to harnessing the power of its multi-rail digital payment technologies to differentiate, diversify, and enhance the digital ecosystem. We are thrilled to build on the robust foundation with one of Egypt’s leading financial institutions. Reflecting our mutual trust, our renewed collaboration with NBE represents yet another milestone in our journey towards a more inclusive and sustainable digital economy in Egypt,” said Khalid Elgibali, Division President, MENA, Mastercard.
Yehia Abou ElFotouh, Deputy Chairman, NBE, added that renewing the strategic partnership with Mastercard builds on the expansion of provided digital payment solutions including Tap-on-Phone, payment bracelets, and microcredit programs for SMEs. The collaboration with Mastercard is set to provide Egyptians with new and innovative acceptance solutions, offering safe, efficient and fast payment methods.
Dalia ElBaz, Deputy Chairman, NBE, said that the bank is continuously working on diversifying its portfolio with innovative solutions that include fraud and cyber security tools. ElBaz also stated that the bank already leverages Mastercard’s state-of-the-art platform to power Al Ahly Points loyalty program with the aim of boosting e-commerce sales and encouraging merchants to use point-of-sale (POS) and digital payment options.