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Mastercard partners with two Egyptian banks to develop card tokenisation

By Delisha Fernandes

May 03, 2023

  • Africa Fintech
  • card tokenisation
  • Central Bank of Egypt
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MastercardMastercard partners with the Central Bank of Egypt (CBE) and the Egyptian Banks Company (EBC) to support the implementation of card tokenization and secure digital payment transactions for millions of Egyptians, including unbanked individuals.

Amany Shams-Eldin, First Sub-Governor for Banking Operations and Payment Systems, CBE, said, “The Central Bank of Egypt issued the new regulations for payment card tokenisation to drive digital payments innovation, support the transition to a cashless society, and attract international players to the Egyptian market. It will strengthen Egypt’s position as an innovation hub for new payment services in the Middle East and Africa region.”

By introducing tokenisation legislation and infrastructure, the CBE is transforming Egypt to make digital payments secure, convenient, and seamless, attracting new market players and taking FinTech innovation to unprecedented milestones.

Khalid Elgibali, Division President, MENA, Mastercard, said, “The launch of card tokenisation signifies a new era in the country’s digital payments landscape and marks an important step for all stakeholders in the Middle East and Africa’s payments industry. As Egypt advances the adoption of innovative and safe digital payment solutions, Mastercard is dedicating its global expertise and local insights to place Egypt at the forefront of financial technology across the region.

Tarek Raouf, CEO and Managing Director of the Egyptian Banks Company, said, “The introduction of card tokenisation technology is imperative to developing digital payments and offering new payment services, in line with the Central Bank of Egypt’s strategy. As the national operator of payments infrastructure, our mission is to support the transformation of digital payment methods by working with payment service providers and empower innovation to unlock safe and easy payment technologies.

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