Al Baraka Bank, Mastercard to reinforce digital payments in Egypt

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Cairo – Al Baraka Bank-Egypt teamed up with Mastercard to introduce a range of premium consumer, commercial, as well as small and Medium-sized Enterprises (SMEs) products in Egypt.

The partnership aims to meet the needs of individuals in the realm of digital payments and streamline corporate expense management, according to a press release.

This collaboration is also poised to create a new era of digitisation and efficiency in the payment ecosystem across the Arab Republic.

Abdel Aziz Samir, Deputy CEO Consumer Banking at Al Baraka Bank, said: "Through this collaboration, we aim to expand the range of financial services provided, attract diverse customer segments, and meet all their needs through services and products tailored specifically for them.”

“This collaboration contributes to advancing digital transformation and financial inclusion efforts, promoting electronic payment systems, and positively impacting the economy as a whole," Samir added.

Khalid Elgibali, Mastercard’s Division President, MENA, commented: “This collaboration will enable Al Baraka Bank to empower individuals and businesses with world-class innovative offerings and payment solutions to embrace the benefits of digital transactions by making transactions safe, seamless, convenient, and rewarding.”

In January-September 2023, Al Baraka Bank-Egypt’s consolidated net profits after tax hiked to EGP 1.60 billion from EGP 584.67 million a year earlier.