Mastercard has partnered with the Egyptian Banks Company (EBC) the advanced payments network and domestic operator in Egypt. The partnership seeks to foster sustainable economic growth activities, further enhancing the digital payments landscape and driving inclusive economic development in Egypt.
Earlier, Mastercard supported the implementation of card tokenisation regulations by providing infrastructure to issuing banks in Egypt in partnership with the Central Bank of Egypt and EBC.
“EBC serves as the technological arm of the Central Bank of Egypt entrusted with developing and operating the national payment scheme and fostering the adoption of electronic payments. The collaboration with Mastercard represents an important juncture in the development of Egypt’s payments ecosystem,” said Tarek Raouf, Executive Chairman and CEO of EBC.
“Mastercard and EBC jointly work towards building digital payments infrastructure, establishing the wallets ecosystem, and pioneering advancements in tokenisation. We have always believed that great value is created through successful partnerships between national and global enterprises, and we trust that this collaboration will reflect positively on driving the future of digital payments in Egypt.”
Khalid Elgibali, Division President, MENA, Mastercard said the global payments has been actively involved in introducing cutting-edge digital payment solutions into the Egyptian landscape over the past two decades.
“This collaboration is set to play a pivotal role in shaping the digital payments landscape, fostering financial inclusion, and contributing to sustainable economic growth in Egypt,” said Elgibali.
“Our collaboration with Mastercard affirms our long-standing cooperation and aligns with our strategy to further collaboration with global payment leaders. By leveraging expertise and international reach, we look forward to paving the way for a new era of digital payments and services, and creating innovative solutions for the benefit of millions of customers,” said Ahmed Rabea, Managing Director at EBC.
Adam Jones, Country General Manager, MENA Central at Mastercard said the payments firm is bringing its global expertise to complement the innovative technology infrastructure that EBC has successfully developed.