Mastercard and Arab African International Bank partner to deliver payment solutions in Egypt

By Edlyn Cardoza

Mastercard announced a long-term strategic partnership with the Arab African International Bank (AAIB) to accelerate digital transformation in Egypt’s financial ecosystem.

Through this partnership, Mastercard and AAIB will focus on planning and executing AAIB’s digital transformation strategy and delivering payment solutions that cater to the increasing consumer demand for convenient and safe digital payment methods.

“We are thrilled to be AAIB’s partner of choice in its future focused journey. As a global technology leader, Mastercard is committed to empowering financial institutions with innovative payment solutions that accelerate digital growth and create meaningful customer experiences,” said Khalid Elgibali, Division President of Middle East and North Africa at Mastercard. “Our long-standing collaboration with AAIB builds on Mastercard’s commitment to drive sustainable growth, expand cashless societies, and create a bright and inclusive future for all.”

The signing ceremony was held in the presence of Haytham El Maayergi, AMD- Group Chief Operating &Transformation Officer at AAIB; Dina Zikry, Head of Consumer Banking and Financial Inclusion at AAIB; Khalid Elgibali, Division President, Middle East, and North Africa at Mastercard; Adam Jones, Country General Manager, MENA Central at Mastercard; and other prominent figures from both parties.

“Our long-term partnership with Mastercard will enable us to bring innovative payment solutions to more customers across Egypt,” said Haytham El Maayergi, AMD- Group Chief Operating &Transformation Officer at AAIB. “This agreement reflects our strategy and our commitment to develop products and solutions that meet the diverse needs of our customers. With Mastercard’s fundamental expertise and products innovation, we will be able to diversify our portfolio, expand our reach and further enhance our products’ features and privileges.”

Mastercard builds on its vast expertise to support digital transformation, drive financial inclusion and encourage the shift towards an inclusive digital economy in Egypt. Such efforts align with Mastercard’s global pledge to bring a total of 1 billion people and 50 million micro and small businesses into the digital economy by 2025, with a direct focus on providing 25 million women entrepreneurs with solutions that can help them grow their businesses.

Adam Jones, Country General Manager, MENA Central, Mastercard, said: “Egypt is rapidly embracing digital payments and we believe that effective collaborations are key to drive financial inclusion and payment innovation. We are thrilled to partner with AAIB through this milestone agreement and provide the bank with the necessary solutions to best meet the changing expectations of their customers.”

AAIB has moved forward with its 2021-2025 strategy, launching several departments and integrated specialised teams focused on digital transformation and various other projects. A pioneer, AAIB was one of the first banks to establish ‘Digital Factory’, a new operational model offering faster and better services and products to its customers, in addition to launching WhatsApp and phone banking services.

“Our partnership with Mastercard provides the bank with opportunities to launch new technological and advanced products in line with the needs of the current banking market,” said Dina Zikry, Head of Consumer Banking and Financial Inclusion. “Our collaboration is a positive step into the Arab African International Bank’s strategy in achieving digital transformation and providing services that suits different types of customers. Diversity, expansion, and development are the characteristics and advantages of our banking services, which contributes to achieve customer satisfaction.”