Through this partnership, Mastercard and IDB will collaborate to enhance the bank’s offering by providing its customers with a comprehensive portfolio of solutions across its credit, debit, and commercial card propositions. Thus, the alliance aims to power Egypt’s economic development, accelerating growth in the country and supporting the Central Bank of Egypt's financial inclusion agenda.
The partnership will also leverage Mastercard’s global expertise and practices to assist IDB in implementing its digital payment strategy in line with Egypt’s Vision 2030. Following this announcement, Mastercard will support IDB in providing a more personalised and rewarding card experience with the aim of expanding to new consumer segments.
As per officials, Mastercard is going to help IDB grow its service offerings, bring and promote financial inclusion in the Egypt banking area, incorporate a wider segment of Egypt’s unbanked population into the digital economy, and diversify its portfolio with supplementary financial services to address the diverse needs of the Egyptian market.
Financial inclusion is of utmost importance in the Middle East, and it varies by country. While some countries have made significant progress in promoting financial inclusion, many others still face challenges in ensuring widespread access to financial services due to low banking services in rural areas, a lack of financial literacy, and inadequate infrastructure.
Even if Egypt also faces a series of difficulties, its financial inclusion rate among citizens increased by 5.4% during the first six months of 2023, hitting 67.3%, according to a report by the Central Bank of Egypt. At the end of June 2023, there were 44.6 million Egyptians aged 16 and over with accounts in banks, Egypt Post, mobile phone wallets, or prepaid cards, up from 42.3 million at the end of December 2022.
Mastercard’s partnerships have a long track back in the banking field of Egypt, through continuous efforts aligned with the Egyptian government’s vision and strategic objectives, promoting access to electronic payments and capitalising on technological innovation.
In May 2023 – Mastercard, in collaboration with the Central Bank of Egypt (CBE) and the Egyptian Banks Company (EBC), supported the implementation of card tokenization regulations by providing infrastructure to all issuing banks across the country, seamless and secure digital payment transactions for millions of Egyptians or unbanked individuals.
IDB’s development plan is based on expanding through a network of branches covering all the governorates, with a focus on strategic and vital areas. In addition, it operates through 25 branches in Egypt.
Moreover, IDB provides support to large, medium, small and micro projects as well as development projects, besides mortgage financing. This position enabled IDB Egypt to become a trusted partner for Mastercard to support its financial growth.
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