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Al Baraka Bank & Mastercard partner to boost digital payments in Egypt

By Delisha Fernandes

February 13, 2024

  • Al Baraka Bank
  • Digital Payments
  • Digital Transactions
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Al Baraka Bank, Mastercard, digital payments, SME products, digital transactions, traditional payment, financial inclusion, FinTech news, FinTech EgyptAl Baraka Bank has announced its partnership with Mastercard to introduce an array of premium consumer, commercial and SME products in Egypt.

This strategic move is set to effectively cater to the needs of individuals in the realm of digital payments and streamline corporate expense management, ushering in a new era of digitization and efficiency in the payment ecosystem.

Abdel Aziz Samir, Deputy CEO Consumer Banking at Al Baraka Bank, said, ” This partnership reflects our commitment at Al Baraka Bank to providing a comprehensive suite of cutting-edge solutions and diverse services, offering a seamless digital experience for our customers. Through this collaboration, we aim to expand the range of financial services provided, attract diverse customer segments, and meet all their needs through services and products tailored specifically for them. This collaboration contributes to advancing digital transformation and financial inclusion efforts, promoting electronic payment systems, and positively impacting the economy as a whole.”

This collaboration aims to redefine the way individuals and businesses handle their finances, marking a significant step towards a more digitized and efficient payment ecosystem in Egypt. The partnership between the two industry leaders signifies a significant milestone in the financial sector’s journey toward digital transformation, redefining the banking experience and setting new standards for customer convenience, payment security, and financial innovation.

“Our partnership with Al Baraka Bank is a key milestone in our journey to deliver on the shared vision of building a sustainable and resilient digital economy that is inclusive for all. This collaboration will enable the bank to empower individuals and businesses with world-class innovative offerings and payment solutions to embrace the benefits of digital transactions by making transactions safe, seamless, convenient, and rewarding,” said Khalid Elgibali, Division President, MENA, Mastercard.

This collaboration emphasizes the joint commitment of Al Baraka Bank and Mastercard to providing premium consumer products and driving the transition away from traditional payment methods, aiming to better serve customer needs and reach new, untapped market segments.

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