Building on the success of Mastercard’s ongoing financial inclusion efforts and firming up plans to roll out its future strategy for digital advancements in the country’s payments sector
Cairo, Egypt –November 14, 2017 – Guided by its vision of a cashless world and since the beginning of its operations in the country, Mastercard has made financial inclusion one of its top priorities in Egypt. Over the years, Mastercard’s collaboration with the Egyptian Government has resulted in a number of significant developments in the local market.
“Over the past few years, Egypt has taken a remarkable lead over other markets in the region by becoming one of the first countries in the world to embrace an interoperable mobile ecosystem. This achievement has only been possible due to the Egyptian Government’s firm resolve to further drive financial inclusion in the country, as envisioned in the Egypt Vision 2030 that calls for a competitive, balanced and diversified economy,” said Magdy Hassan, General Manager, Egypt & North Africa, Mastercard.
Mastercard has worked closely with the Egyptian Government and embarked on a number of ambitious programs to drive financial inclusion and promote access to digital payments. The Central Bank of Egypt established an interoperable mobile ecosystem in 2013, meaning that the country became one of the first worldwide to embrace a solution of this kind. Furthermore, the system leverages the high penetration of mobile phones and helps to form a foundation to spur innovation in the payments and remittance sphere.
In addition, Mastercard’s work with the Egyptian Government has enabled 4.6 million government employees to conveniently withdraw their salaries from an ATM using their Mastercard card, which they can also use to make purchases at 60,000 point of sale (POS) terminals across the country.
“Our imminent plans in the market include working closely with the Central Bank of Egypt to contribute to the objectives of the newly established National Council for Payments. In addition, our collaboration with the Central Bank of Egypt will also see us discuss new ways to create and enable a conducive regulatory environment aimed at the development of fin-tech regulations. As it currently stands, Egypt is proving to be one of the most popular locations for fin-tech startups, competing with the UAE, Lebanon and Jordan,” Hassan added.
Click here to subscribe to real-time alerts.