Mastercard has partnered with Arab African International Bank (AAIB) as part of its efforts to accelerate the digital transformation of Egypt’s financial system.
Through the partnership, Mastercard will contribute to AAIB’s digital transformation strategy, and the two companies will work together to help drive the adoption of digital payments in the country, according to a Tuesday (Nov. 8) press release.
“Egypt is rapidly embracing digital payments, and we believe that effective collaborations are key to drive financial inclusion and payment innovation,” said Adam Jones, country general manager of MEANA Central at Mastercard, in the release. “We are thrilled to partner with AAIB through this milestone agreement and provide the bank with the necessary solutions to best meet the changing expectations of their customers.”
In supporting Egypt’s digital transformation, Mastercard builds on its global mission to bring 1 billion people and 50 million micro and small businesses into the global digital economy by 2025, according to the release.
“As a global technology leader, Mastercard is committed to empowering financial institutions with innovative payment solutions that accelerate digital growth and create meaningful customer experiences,” said Khalid Elgibali, division president of the Middle East and North Africa at Mastercard, in the release. “Our long-standing collaboration with AAIB builds on Mastercard’s commitment to drive sustainable growth, expand cashless societies, and create a bright and inclusive future for all.”
The partnership is Mastercard’s latest move to fuel digital transformation in Egypt after it invested in nClude last month.
A FinTech-focused investment platform, nClude is committed to supporting Egyptian entrepreneurs in the financial technology space through venture capital funding. Previously, nClude provided capital for the digital payment enabler PayMob and the “save now, pay later” firm Lucky, among others.
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