The collaboration aims to improve banking experiences by integrating advanced technology, seamless services, and exclusive benefits into a single card.
Designed to cater to the needs of young people and the underbanked population in Egypt, the Mashreq NEO Visa Card promotes financial responsibility through its association with the Mashreq NEO account. This initiative builds upon the recent debut of the NEO account, tailored to improve digital banking accessibility for Egyptians aged 15 and above.
Officials of the company highlight the card's role in delivering convenient and personalised banking solutions to customers. The collaboration with Visa represents a significant step towards transforming the banking landscape in Egypt, placing customer satisfaction and innovation at the forefront of their mission.
Driving financial inclusion and digital innovation: government initiatives in Egypt
In recent years, the Egyptian government has placed a strong emphasis on promoting financial inclusion and accelerating the digitisation of banking services to enhance accessibility and affordability for all citizens. To achieve these goals, several government initiatives and regulations have been introduced to create an enabling environment for fintech innovation and encourage traditional banks to embrace digital transformation. One notable initiative is the National Payments Council (NPC), established by the Central Bank of Egypt (CBE) in 2016, which serves as a platform for collaboration between public and private sector stakeholders to drive the modernization of payment systems and promote financial inclusion.
In addition to the NPC, the Egyptian government has implemented policies aimed at supporting the growth of fintech startups and fostering entrepreneurship in the financial services sector. This includes initiatives such as regulatory sandboxes, which provide a controlled environment for fintech companies to test innovative products and services under the supervision of regulatory authorities.
Moreover, recognising the importance of digital banking in expanding access to financial services, the Egyptian government has launched initiatives to incentivise traditional banks to invest in digital infrastructure and expand their range of digital offerings. By fostering a conducive regulatory environment and supporting the development of fintech and digital banking initiatives, the Egyptian government aims to promote financial inclusion and drive economic growth through enhanced access to financial services for all segments of society.
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