Mastercard and Ingiz team to launch digital payments app in Egypt
By Delisha Fernandes
Mastercard has announced a strategic partnership with Ingiz, a family financial management start-up in Egypt, to launch a digital payments application.
The digital payments application has been designed to drive financial literacy and inclusion among Egypt’s youth. Ingiz provides prepaid cards for parents and their children, allowing them to manage their finances effortlessly.
The company encourages young users to earn, save and spend money with gamified in-app features while offering parents non-invasive monitoring tools for oversight.
“Adoption of a greater range of digital payment methods is rising in Egypt, and we are committed to developing new technology and providing innovative solutions that will enhance the payment experience. Our partnership with Ingiz will deliver a robust and intuitive family financial management app that unlocks access to secure and innovative payment options for future generations,” said Inji Borai, Country Manager, Egypt, and North Africa, Mastercard.
As part of the new collaboration, Ingiz will leverage Mastercard’s digital payment technology and its network, experience, and expertise to enhance its suite of financial products tailored to the needs of children and youth. The partnership aims to facilitate payment processing and extend the app’s reach to merchants and consumers, accelerating Ingiz’s growth and expansion.
In addition, Ingiz has partnered with Masria Digital Payments (MDP) to empower Ingiz to tap into the expertise of MDP as a leading processor. This step will extend Ingiz’s market reach with a seamless payment solution leveraging Mastercard technologies on MDP platforms, further cementing the partnership between Mastercard and MDP.
“Together with Mastercard, we seek to build a next-generation solution that will drive financial inclusion and, in turn, financial literacy in Egypt. The partnership will enable us to offer an unparalleled financial education experience that prepares our youth for a brighter tomorrow,” said Sherif Ramadan, CEO Ingiz.
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