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- The partnership will enable the integration of more Egyptians into the formal economy while driving the shift to a cashless ecosystem
Cairo, Egypt: Building on their successful strategic collaboration, Banque Misr, signed a long-term cooperation agreement partnership with Mastercard to provide the bank with the latest digital payment technology to provide new products, services and innovative solutions to customers, from all segments, and to support digital solutions with advanced and competitive advantages. This is in line with the country's strategy to achieve comprehensive digital transformation and encourage electronic payment systems.
Mohamed El Etreby, Chairman of Banque Misr and Dimitrios Dosis, President, EEMEA, Mastercard, signed the collaboration agreement. The signing ceremony drew the participation of Khalid Elgibali, Division President, MENA, Mastercard, Akef El Maghraby, Vice Chairman, Banque Misr, Adam Jones, Country Manager, MENA Central, Mastercard, and Ihab Dorra, Chief Consumer and Retail Payments Officer from Banque Misr as well as business leaders from both parties.
As part of the collaboration, Mastercard will leverage its innovative payment technologies to provide Banque Misr with the necessary tools and solutions to translate the bank’s ambitious transformation and growth plans into reality. In addition to unlocking new business value, boosting operational efficiencies, and creating meaningful customer experiences, Banque Misr will benefit from bespoke issuing, acceptance, consultancy, and long and short-term advisory services.
Leveraging its Advisors Client Services Hub, Mastercard will help redefine the bank’s offerings and optimize customer engagement through top-of-the-line advisory services that deliver tangible value, drive traction and loyalty, and boost convenience, security, and control. The collaboration seeks to increase the volume of consumer transactions and accelerate the shift towards a cashless society.
Mohamed El Etreby, Chairman, Banque Misr, said: “We are proud with the success that we have collaboratively achieved with Mastercard over the past few years. We are confident that this partnership will support our commitment to expand our services and offer our customers a unique, seamless digital experience. Banque Misr is continuously working to enhance financial inclusion and taking the necessary actions to support this mission ultimately uplifting the Egyptian economy.”
“This partnership aims to support digital transformation and the financial technology pillars which focuses on connecting unbanked segments of society to convenient financial solutions. In turn, we work on curating partnerships that enhance our financial and non-financial services tailored specifically to them and delivered through our wide branch network across Egypt”
“This protocol Complements the previous successes between Banque Misr and MasterCard in collaboration among various fields of electronic payments.
“We are thrilled to extend our longstanding partnership with Banque Misr that contributes to fast-tracking the growth of the digital payment landscape and paving the way for a sustainable digital economy in Egypt,” said Dimitrios Dosis, President, EEMEA, Mastercard. “Carrying on our successful track record, the agreement reaffirms our ongoing shared commitment to developing the cashless ecosystem by introducing new products and capabilities that strengthen the bank’s value proposition and diversify its digital payment portfolio.”
Mastercard builds on its vast expertise to advance digital transformation and enhance financial inclusion in Egypt. Such efforts align with the company’s global pledge to bring 1 billion people and 50 million micro and small businesses – with a direct focus on 25 million women entrepreneurs – into the digital economy by 2025.
Banque Misr is continuously striving to support digital transformation by providing solutions that facilitate banking and financial services in an advanced manner, Banque Misr is keen on maintaining its long-term successes by enhancing its offerings and actively seeking partnerships to meet the needs of its customers, which is in line with the bank’s vision reflecting Banque Misr’s commitment to sustainable development and prosperity for Egypt.
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About Mastercard (NYSE: MA)
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.
