Mastercard has signed a strategic partnership agreement with e-finance, Egypt’s first fintech company, to support the digitalisation of government payments across the country.
The collaboration will introduce faster, more flexible online payment solutions to improve citizens’ payment experiences and further support the country’s transformation towards a digital society. Through Mastercard’s online payment solutions, citizens will now be able to complete online transactions for all governmental services electronically across a range of digital channels using all kinds of cards and mobile wallets.
“The agreement signals a new step towards achieving financial inclusion and promoting sustainable, inclusive economic growth in Egypt. We plan to continue investing in human resources, technology, and infrastructure and applying best-in-class processes and industry standards as we drive digitization in the market. We are confident that, as leaders in the field, Mastercard will support our objectives of driving digital economy and providing flexible payment solutions customized to the Egyptian market,” said Ibrahim Sarhan, chairperson of e-finance.
Commenting on the agreement, Khalid Elgibali, division president, Middle East and North Africa, Mastercard, said: “Our partnership with e-finance not only highlights the development of Egypt’s digital infrastructure, it also marks another milestone in our journey to deliver frictionless, faster and more secure public-sector payment solutions to Egyptians. We are committed to helping governments across the MENA region in their transformation towards sustainable digital economies. In addition, we will continue our efforts to provide smarter, more connected and more inclusive cities through such strategic partnerships.”
The initiative has garnered support from both Ministry of Communications and Information Technology and Ministry of Planning. The signing ceremony was attended by Khaled El Attar, Deputy Minister of Communications f or Digital Transformation, Automation and Administrative Development, and Ghada Labib, Deputy Minister of Planning.