back Back

Mastercard teams up with MDP for digital payments in MENA

By Gloria Methri

December 06, 2023

  • Africa
  • Digital Payments
  • FinTech
Share

Mastercard, MDP, Digital Payments, Payment Processing, MENA, FinTechMastercard and MDP, a modern payment processing company, have joined forces to revolutionize the payments ecosystem for banks and non-financial institutions in the Middle East and Africa region.

This collaboration aims to transform MDP into a one-stop-shop processing services hub, integrating Mastercard’s digital assets and white-label applications with the payment processor’s products.

“By bundling Mastercard’s digital assets with our products, we are offering issuer banks the ability to roll out new segment-focused solutions, like youth banking, family banking and digital lending. We are also empowering FinTech, mobile network operators (MNOs) and the wider non-FIs segment companies to quickly get to the market by providing them with Mastercard’s unique propositions with the lightest touch from their side,” said Ahmed Nafie, CEO, MDP.

“In line with our commitment to fuelling a strong digital economy in the Middle East and Africa, we are keen to harness the power of technology and partnerships to build a robust, seamless and secure payment infrastructure. Our collaboration with MDP will equip businesses with innovative payment solutions that allow them to participate in digital commerce and drive financial inclusion,” said Gaurang Shah, Executive Vice President of Product and Engineering, Eastern Europe, Middle East and Africa, Mastercard.

This strategic alliance represents a transformative initiative, offering a wide range of benefits to various stakeholders. It empowers financial institutions to bring innovative products to the market swiftly and efficiently, with minimal involvement from their internal teams.

It streamlines SME lending and consumer lending/Buy Now Pay Later (BNPL), and provides accessible credit options via mobile apps, in addition to extending into more innovative areas, like AI health and fitness and sustainability.

FinTech companies stand to gain from a faster time to market through Card-as-a-Service (CaaS) and sandbox capabilities. Meanwhile, non-FIs and telecommunication companies can proficiently offer white-label apps to their subscribers overcoming associated hurdles such as BIN sponsorship, which will be available through the CaaS enablement program with MDP.

Previous Article

December 06, 2023

FortressPay launches enterprise-ready biometric payment platform

Read More
Next Article

December 06, 2023

Qonto selects Fourthline to streamline customer onboarding

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

Today

Hong Kong’s ZA Bank partners TransUnion to offer free credit alerts

Read More

February 05, 2025

Tap, pay, spend: How digital payments are surging in Southeast Asia & India

Read More

February 05, 2025

Al Fardan Exchange, Visa launch real-time global remittance service

Read More

Related Reports

Sales League Table Report 2024
Know More
Global Digital Banking Vendor & Landscape Report Q4 2024
Know More
NextGen WealthTech: The Trends To Shape The Future Q4 2023
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q4 2024
Know More