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Mastercard and Carticard partner to support digital economy and drive financial inclusion in Egypt

By Pavithra R

December 23, 2020

  • Egypt
  • Mastercard
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Mastercard and Carticard partner to support digital economy and drive financial inclusion in EgyptMastercard has announced partnering with Carticard, egabi FSI’s strategic partner, to offer Carticard customers improved digital payment solutions while incorporating more people into the digital economy.

Under the partnership, Carticard will directly distribute loans through Mastercard prepaid cards. The collaboration will enable smoother digital transactions and help users to minimize the use of cash by providing them with access to safe, fast and convenient card payments. The alliance will also assist Carticard in expanding its cardholders’ network to 400,000 and support egabi FSI in expanding its microloans platform to reach its goal of 8 million consumers by 2022.

“We are delighted to announce our partnership with Carticard as we expand our efforts to drive financial inclusion in Egypt and enable more people to enjoy the benefits of the digital economy. Earlier this year, Mastercard made a commitment to connect 1 billion people worldwide to the digital economy by 2025, and scaling up engagements with fintechs like Carticard will help us reach this goal as we strive to build a brighter and more inclusive future,” said Mohamed Assem, Country Manager, Egypt, Mastercard.

The collaboration is built on Carticard’s existing offering, which issues and manages cards to other microfinance institutions, consumer finance companies, consumers, merchants, and freelancers in cooperation with banks. All Carticard’s offerings are certified and available on egabi FSI’s platforms. The firm also offers a microloans platform to microfinance institutions in the Middle East and Africa region and is currently serving 2 mn consumers.

“We are pleased to partner with Mastercard to digitize the payment process for nano, micro, and small financing cycles. Our collaboration will contribute to the financial inclusion journey by facilitating digital cash disbursements and collection with the support of Mastercard’s smart and reliable processing system. We have started the program in Egypt and have plans to expand to other countries and regions soon,” said Ahmed Sameh, Managing Director of Carticard.

The pandemic and the measures put in place by the Egyptian government to curb the virus spread have already led to an 80% increase in e-commerce transactions in the local market, bringing the country one step closer to a fully integrated digital economy.

Mastercard is a global technology company in the payments industry. The firm is committed to building a more inclusive digital economy that works for everyone. It is also making Environmental, Social, and Governance (ESG) central to its business model. As part of its response to the COVID-19 pandemic, the firm has pledged $250 mn in financial, technology, product, and insights support over the next five years to SMBs across the globe, supporting the financial security and vitality of businesses and their workers.

Also, read: Save partners with Mastercard to launch Save Debit Invest Card.

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