PHOTO
- The seven-year strategic partnership agreement will see Mastercard support MDI with the issuance of debit, credit, and prepaid cards
- Mastercard will provide MDI with advisory, marketing, and product innovation support
- The new initiative will drive digital transformation in Egypt and provide local consumers with a simple, seamless, and convenient banking experience
Cairo – In line with its mission to drive the evolution of financial services in Egypt, Misr Digital Innovation (MDI) today signed a seven-year strategic partnership with global technology leader Mastercard, to provide Egyptians with an easy, smooth, and secure banking experience.
MDI was established in 2020 to launch the first digital bank in Egypt in line with the Central Bank of Egypt (CBE) rules and regulations, MDI will launch a variety of banking solutions that aim to provide access to the digital economy and drive financial inclusion for the Egyptian community.
As part of the strategic agreement, Mastercard will support MDI with the issuance of debit, credit, and prepaid cards, as well as offer its world-class advisory, marketing, and product innovation support to provide consumers with seamless experiences and bespoke solutions that bring value and simplicity to their lifestyles.
“We have a clear and defined digital transformation strategy, which enables us to provide our customers with unparalleled digital banking products and services,” said Mohamed Eleterby, Chairman of Banque Misr. “Our partnership with Mastercard not only paves the way for safer, smarter, and more seamless payment experiences, but also showcases our dedication to ensuring that everyone in Egypt can benefit from a successful digital economy.”
A recent Mastercard survey found that 72% of Egyptians are shopping more online since the onset of the COVID 19 pandemic, and a further 57% also said they also started banking online[i]. To cater to the growth of Ecommerce, the Digital Bank will offer customers access to banking services via mobile, desktop, and other internet-enabled devices. As a result, this will take away the need for visiting traditional and physical banking branches.
“We are delighted to partner with MDI and are confident that our extensive experience in the local market and deep understanding of consumer expectations will enable us to deliver cutting-edge banking services and solutions that consistently meet people’s needs and wants,” said said Mohamed Benomar, Country Manager – North Africa, Mastercard. “As a global technology leader, we are committed to enabling financial inclusion and encouraging the shift towards a thriving and all-inclusive digital economy in Egypt.”
“MDI aims to offer advanced digital services that will add value to the customers’ lives and help them realize their financial potential,” said Sherif Elbehery, Chief Executive Officer at MDI. “Our collaboration with Mastercard reflects our aspiration to ensuring that Egyptians can access banking solutions and ultimately be a part of Egypt’s digital transformation journey.”
-Ends-
About Mastercard (NYSE: MA), www.mastercard.com Mastercard is a global technology company in the payments industry. Our mission is to connect and power an inclusive, digital economy that benefits everyone, everywhere by making transactions safe, simple, smart and accessible. Using secure data and networks, partnerships and passion, our innovations and solutions help individuals, financial institutions, governments and businesses realize their greatest potential. Our decency quotient, or DQ, drives our culture and everything we do inside and outside of our company. With connections across more than 210 countries and territories, we are building a sustainable world that unlocks priceless possibilities for all.
About MDI: Misr Digital Innovation is an Egyptian Joint Stock Company incorporated in accordance with the Egyptian Company law no. 159/1981 and its amendments, commercial register no. 147482 issued from Cairo Investment Office, is one of Banque Misr Companies, established in accordance with the approval of the Central bank of Egypt to set up all infrastructure and related IT & business systems to initiate the first greenfield digital bank in Egypt.
© Press Release 2021
Disclaimer: The contents of this press release was provided from an external third party provider. This website is not responsible for, and does not control, such external content. This content is provided on an “as is” and “as available” basis and has not been edited in any way. Neither this website nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this press release.
The press release is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Neither this website nor our affiliates shall be liable for any errors or inaccuracies in the content, or for any actions taken by you in reliance thereon. You expressly agree that your use of the information within this article is at your sole risk.
To the fullest extent permitted by applicable law, this website, its parent company, its subsidiaries, its affiliates and the respective shareholders, directors, officers, employees, agents, advertisers, content providers and licensors will not be liable (jointly or severally) to you for any direct, indirect, consequential, special, incidental, punitive or exemplary damages, including without limitation, lost profits, lost savings and lost revenues, whether in negligence, tort, contract or any other theory of liability, even if the parties have been advised of the possibility or could have foreseen any such damages.
