Mastercard and eNovate bring Card-as-a-Service solution to Egypt

By Gloria Methri

eNovate, formerly eCards, a subsidiary of eFinance Investment Group, has partnered with Mastercard to offer a Card-as-a-Service (CaaS) solution in the Egyptian market. The CaaS model will provide banks, non-financial institutions, universities and FinTechs with a suite of digital payments services.

The collaboration will see eNovate leverage Mastercard’s expertise in payment technology to reinforce its position in building ready-to-market hubs for businesses and driving digital payment adoption across the region.

The CaaS model offers a one-stop-shop for technology infrastructure and white-label solutions, enabling banks, non-financial institutions and FinTechs to easily create and launch innovative products with scalability and quicker time-to-market. This includes prepaid card integration and customisable white-label wallet solutions. Meanwhile, consumers will enjoy easy access to tailored digital financial products, such as youth and family banking.

Adam Jones, Executive Vice President and Division President for West Arabia at Mastercard, added, “At Mastercard, payment modernisation is one of our top priorities in providing market-ready services and platforms. Our collaboration with eNovate will help deliver innovative platforms and offer businesses out-of-the-box digital solutions that can be implemented to develop scalable, seamless and secure solutions for their customers.”

Nashwa Kamel, CEO of eNovate, stated, “The collaboration with Mastercard will pave the way for the growth of digital financial services in Egypt, benefiting new categories of businesses eager to capitalise on digital payments. This collaboration will equip businesses with the necessary digital solutions and capabilities to enhance their competitiveness, speed, efficiency, and reliability of the financial services they offer to their customers.”

The collaboration aligns with Egypt 2030’s vision, which aims to accelerate the country’s digital transformation agenda and the development of a digital economy by creating innovative digital payment solutions that address the rapidly evolving needs of consumers and businesses.