In line with its mission to drive the evolution of financial services in Egypt, Misr Digital Innovation (MDI) today signed a seven-year strategic partnership with global technology leader Mastercard, to provide Egyptians with an easy, smooth, and secure banking experience.
MDI was established in 2020 to launch the first digital bank in Egypt in line with the Central Bank of Egypt (CBE) rules and regulations, MDI will launch a variety of banking solutions that aim to provide access to the digital economy and drive financial inclusion for the Egyptian community.
As part of the strategic agreement, Mastercard will support MDI with the issuance of debit, credit, and prepaid cards, as well as offer its world-class advisory, marketing, and product innovation support to provide consumers with seamless experiences and bespoke solutions that bring value and simplicity to their lifestyles.
“We have a clear and defined digital transformation strategy, which enables us to provide our customers with unparalleled digital banking products and services,” said Mohamed Eleterby, Chairman of Banque Misr. “Our partnership with Mastercard not only paves the way for safer, smarter, and more seamless payment experiences, but also showcases our dedication to ensuring that everyone in Egypt can benefit from a successful digital economy.”
A recent Mastercard survey found that 72% of Egyptians are shopping more online since the onset of the COVID 19 pandemic, and a further 57% also said they also started banking online. To cater to the growth of Ecommerce, the Digital Bank will offer customers access to banking services via mobile, desktop, and other internet-enabled devices. As a result, this will take away the need for visiting traditional and physical banking branches.
“We are delighted to partner with MDI and are confident that our extensive experience in the local market and deep understanding of consumer expectations will enable us to deliver cutting-edge banking services and solutions that consistently meet people’s needs and wants,” said Mohamed Benomar, Country Manager – North Africa, Mastercard. “As a global technology leader, we are committed to enabling financial inclusion and encouraging the shift towards a thriving and all-inclusive digital economy in Egypt.”
“MDI aims to offer advanced digital services that will add value to the customers’ lives and help them realize their financial potential,” said Sherif Elbehery, Chief Executive Officer at MDI. “Our collaboration with Mastercard reflects our aspiration to ensuring that Egyptians can access banking solutions and ultimately be a part of Egypt’s digital transformation journey.”