MDP and Mastercard have formed a strategic alliance to enhance the payments ecosystem for both banks and non-financial institutions (non-FIs) across the Middle East and Africa. Through this partnership, MDP aims to establish itself as a comprehensive processing services hub, incorporating Mastercard's digital assets and white-label applications into its product suite, providing a one-stop solution for clients.
Executives from MDP said that by bundling Mastercard’s digital assets with their products, they are providing issuer banks the ability to launch new segment-focused solutions, like youth banking, family banking, and digital lending. They are also enabling fintech, mobile network operators (MNOs), and the wider non-FIs segment companies to quickly get to the market by seamlessly providing them with Mastercard’s unique propositions.
Mastercard’s officials said that in line with their commitment to fuelling a strong digital economy in the Middle East and Africa, they are keen to harness the power of technology and partnerships to build a robust, seamless, and secure payment infrastructure. Their collaboration with MDP will equip businesses with innovative payment solutions that allow them to participate in digital commerce and drive financial inclusion.
This strategic alliance represents a transformative initiative, offering a wide range of benefits to various stakeholders. It allows financial institutions to bring innovative products to the market swiftly and efficiently, with minimal involvement from their internal teams. It streamlines SME lending and consumer lending/Buy Now, Pay Later (BNPL), and provides accessible credit options via mobile apps, in addition to extending into more innovative areas, like AI health, fitness, and sustainability.
Fintech companies stand to gain from a faster time to market through Card-as-a-Service (CaaS) and sandbox capabilities. Meanwhile, non-FIs and telecommunication companies can proficiently offer white-label apps to their subscribers overcoming associated hurdles such as BIN sponsorship, which will be available through the CaaS enablement program with MDP.
In August 2023, Mastercard has teamed up with Ingiz, an Egyptian family financial management startup, to introduce a digital payments app focused on enhancing financial literacy and inclusion among youth in Egypt.
The collaboration aims to provide access to financial products and services for this underserved market, enabling young individuals to grasp essential financial concepts and take control of their financial future.
Ingiz offers prepaid cards for parents and children, facilitating financial management, while also incorporating gamified in-app features to encourage earning, saving, and spending. Through this partnership, Ingiz will leverage Mastercard's digital payment technology and expertise to enhance its suite of financial products tailored to the needs of children and youth.
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