Egypt’s Banque Misr inks payments partnership with Mastercard
Egypt’s Banque Misr has extended its partnership with Mastercard by signing a long-term agreement to enhance its digital payments capabilities.
In line with Egypt’s national goal to boost digital transformation and encourage electronic payments, the partnership will see Mastercard equip Banque Misr with the latest digital payment technologies as well as provide issuing, acceptance, consultancy, and advisory services.
With the partnership, the bank aims to increase the volume of consumer transactions and accelerate the transition to a cashless society. Mastercard says its advisory services will help the bank “optimise customer engagement, drive traction and loyalty, and boost convenience, security, and control”.
“This partnership aims to support digital transformation and the financial technology pillars which focus on connecting unbanked segments of society to convenient financial solutions,” says Mohamed El Etreby, chairman of Banque Misr.
Dimitrios Dosis, president of Eastern Europe, Middle East and Africa (EEMEA) at Mastercard, says the partnership will contribute to “fast-tracking” the growth of digital payments in the region and paves the way for a “sustainable” digital economy in Egypt.
“The agreement reaffirms our ongoing shared commitment to developing the cashless ecosystem by introducing new products and capabilities that strengthen the bank’s value proposition and diversify its digital payment portfolio,” Dosis adds.