The National Bank of Egypt (NBE) has entered a new strategic partnership with Mastercard to deliver best-in-class digital payment solutions that will help bring more unbanked and underbanked into the formal economy.
The latest partnership between NBE and Mastercard cements the long-standing cooperation between the two entities in their endeavour to drive innovation and financial inclusion in Egypt.
Hisham Okasha, the Chairman of NBE said the partnership between the two institutions supports the bank’s long-term business strategy to diversify its portfolio with upscaled solutions across the country and enable the flow of foreign currency in the market.
The two entities’ renewed collaboration builds their commitment to support the Egyptian government’s efforts and favourable regulations that seek to transform the country into a digital, financially inclusive society by harnessing the power of technology.
“As the demand for emerging payment methods continues, Mastercard is dedicated to harnessing the power of its multi-rail digital payment technologies to differentiate, diversify, and enhance the digital ecosystem. We are thrilled to build on the robust foundation with one of Egypt’s leading financial institutions,” said Khalid Elgibali, Division President – MENA at Mastercard.
The global payments invested in Nclude, an Egyptian financial technology-focused investment fund, last October to accelerate the growth of the North African country’s fintech ecosystem and support its digital transformation journey.
Nclude was founded in March by three Egyptian lenders, Banque Misr, the National Bank of Egypt and Banque du Caire in partnership with Egyptian Banks Company and eFinance.
The fund, which was founded with an initial investment of $100 million, is expected to become a go-to fund for fintechs considering growing their operations and services after the partnership with Mastercard.
