back Back

Mastercard & Egyptian Banks Company partner to boost payments ecosystem

By Delisha Fernandes

February 08, 2024

  • card tokenization
  • Digital Payments
  • Egyptian Banks Company
Share

Mastercard, One GlobalMastercard collaborates with the Egyptian Banks Company (EBC) a payments network and domestic operator in Egypt.

The collaboration marks a significant step towards fostering sustainable economic growth activities, further enhancing the digital payments landscape and driving inclusive economic development in Egypt.

Khalid Elgibali, Division President, MENA, Mastercard, said, “Over the past two decades, Mastercard has been actively involved in introducing cutting-edge digital payment solutions into the Egyptian landscape, steadfastly aligning with the government’s vision for a financially and digitally inclusive future. This collaboration is set to play a pivotal role in shaping the digital payments landscape, fostering financial inclusion, and contributing to sustainable economic growth in Egypt.”

Earlier, Mastercard, in collaboration with the Central Bank of Egypt (CBE) and EBC, had supported the implementation of card tokenization regulations by providing infrastructure to issuing banks across the country, expected to launch 2024.

Tarek Raouf, Executive Chairman and CEO, EBC, said, ” EBC serves as the technological arm of the Central Bank of Egypt entrusted with developing and operating the national payment scheme and fostering the adoption of electronic payments. The collaboration with Mastercard represents an important juncture in the development of Egypt’s payments ecosystem. Mastercard and EBC jointly work towards building digital payments infrastructure, establishing the wallets ecosystem, and pioneering advancements in tokenization. We have always believed that great value created through the successful partnerships between national and global enterprises, and we trust that this collaboration will reflect positively on driving the future of digital payments in Egypt.”

Adam Jones, Country General Manager, MENA Central, Mastercard added, “In this collaboration, Mastercard brings its global expertise to complement the innovative technology infrastructure that EBC has successfully developed. Together, we aim to create new solutions and use cases that capitalize on Egypt’s real-time payments infrastructure, ushering in a new era of digital payment services.”

Previous Article

February 08, 2024

Guardz enters Australia & New Zealand to cybersecure and insure SMBs

Read More
Next Article

February 08, 2024

Commerzbank AG partners Surecomp for trade finance processing

Read More








IBSi Daily News Analysis

digital wallets

March 01, 2024

card tokenization

Banking Sector and regulatory framework: addressing India’s growing demand for secure lockers

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

March 01, 2024

Hecto Financial eases cross-border transactions with new solution

Read More

March 01, 2024

Marqeta & AffiniPay team to launch SMB credit card solution

Read More

March 01, 2024

Viva.com activates Cartes Bancaires on Tap to Pay on iPhone in France

Read More

Related Reports

Sales League Table Report 2023
Know More
Global Digital Banking Vendor & Landscape Report Q4 2023
Know More
Wealth Management & Private Banking Systems Report Q4 2023
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q4 2023
Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
close-link
Get your copy now! IBSi Sales League Table 2023