Egyptian Government and MasterCard sign Memorandum of Understanding to Drive Financial

The Government of Egypt, represented by The Ministry of Communications and Information Technology, and MasterCard today signed a Memorandum of Understanding (MoU) to establish a strategic collaboration that will help drive financial inclusion and maximize government efficiency. The MoU was signed by H.E. Atef Helmy, Minister of Communications and Information Technology, and Ajay Banga, Chief Executive Officer at MasterCard, in the presence of H.E. Ibrahim Mahlab, Prime Minister of Egypt, and Richard Haythornthwaite, Chairman of MasterCard’s Board of Directors.

The partnership will see MasterCard bring latest payment technology innovations to market. In addition, the company will leverage its global experience working with governments across the world, to help the Egyptian government increase engagement with citizens.

                             

H.E. Atef Helmy, Minister of Communications and Information Technology said: “Under the leadership of H.E. Abdel Fattah El-Sisi, Egypt has been undergoing a period of positive change. The President and Government of Egypt believe that Information and Communications Technology (ICT) plays a vital role in supporting this change and in helping us better serve our citizens. This collaboration with MasterCard will help the Government bring innovative new solutions to the Egyptian population.”

According to the Minister, knowledge transfer will play an important role in the partnership and MasterCard’s expertise will be leveraged to boost innovation efforts and enhance citizen engagement. A number of innovative programs will be implemented in the near future to help achieve these goals.

Ajay Banga, Chief Executive Officer, MasterCard said: “This partnership highlights our commitment to Egypt and its people. It is crucial for us to join forces with governments around the world to accelerate positive change for citizens. We have a long and rich history in Egypt, and we are excited about the opportunity to provide more Egyptians with access to financial services.”

As part of the agreement, MasterCard will also be working alongside Egypt Post to fully digitalize its customer base, and enable its 4000 branches to offer electronic value-added-services, employee trainings and expert driven workshops. This will help Egypt Post transition towards cashless payment solutions through the use of mobile phones and credit cards, ultimately improving its services and enhancing convenience.

African Development Bank and MasterCard collaboration to drive inclusive growth across the continent

The African Development Bank (AfDB) and MasterCard announced a broad collaboration that aims to expand financial inclusion across the African continent. The collaboration seeks to develop solutions that drive inclusive growth in Africa by broadening access and usage of digital financial services.

Ajay Banga, President and CEO at MasterCard, said: “Less than one adult out of four in Africa has access to an account at a formal financial institution. While many of our industry partners have been active in this space, we believe that through our payments expertise, and the AfDB’s 50 years of experience in financing Africa’s economic transformation, we can achieve scaled impact and lasting transformation. This can only be accomplished when the public and private sectors combine resources and act together.”