June 15, 2024

Mastercard and Banque Misr partnership boosts Egyptian Digital Payments System

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Mohamed El Etreby, Chairman of Banque Misr and Dimitrios Dosis, President, EEMEA, Mastercard, signed the collaboration agreement. Image Courtesy: Mastercard

Building upon their successful strategic partnership, Banque Misr, signs 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.

Industry sources added that Mohamed El Etreby, Chairman of Banque Misr, and Dimitrios Dosis, President, of 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.

Industry sources further added that as part of this 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.

Mohamed El Etreby, Chairman, of Banque Misr

Mohamed El Etreby, Chairman, of Banque Misr, stated: “We are proud of 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 expanding 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 focus 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.”

Dimitrios Dosis, President, EEMEA, Mastercard

“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,” stated 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.”   

Industry sources added that 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 toward a cashless society.

Industry sources further added that 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. 

They also cofirmed that 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.

Source

For varied news and updates on ‘Mastercard’ please refer:

Mastercard and NBE to offer new digital payment solutions

E& money partners with Mastercard to empower customers with seamless payment worldwide

Mastercard and Network International launch AI fraud-prevention technology solution

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