In partnership with the Central Bank of Egypt: Mastercard brings cutting edge card tokenization know-how to Egypt, expanding payment innovation

• Mastercard to support the implementation of tokenization regulations issued by the Central Bank of Egypt
• The partnership with Central Bank of Egypt and Egyptian Banks Company will help drive new market players, foreign investments, and fintech innovation in Egypt
• Tokenization offers enhanced safety, facilitates simpler online payments, quicker checkouts and easier card management

Cairo, Egypt, 2 May 2023 – Mastercard, in collaboration with the Central Bank of Egypt (CBE) and the Egyptian Banks Company (EBC), is supporting the implementation of card tokenization regulations by providing infrastructure to all issuing banks across the country, ushering in a new era of seamless and secure digital payment transactions for millions of Egyptians, including unbanked individuals.

Mastercard’s continuous efforts are aligned with the Egyptian government’s vision and strategic objectives by promoting access to electronic payments, capitalizing on technological innovation and efficiency to drive financial inclusion and achieve sustainable and economic growth.

By introducing tokenization legislation and infrastructure, the CBE is transforming Egypt to make digital payments secure, convenient and seamless, subsequently attracting new market players and taking fintech innovation to unprecedented milestones.

The innovative solution works by replacing sensitive customer data such as payment card primary account number with a unique identifier, or ‘token’, which can then be used to complete mobile point-of-sale transactions, in-app purchases or online purchases safely, eliminating the need to include actual card information.

“The Central Bank of Egypt issued the new regulations for payment cards tokenization to drive digital payments innovation, support the transition to a cashless society, and attract international players to the Egyptian market. This will strengthen Egypt's position as an innovation hub for new payment services in the Middle East and Africa region,” said Amany Shams-Eldin, First Sub-Governor for Banking Operations and Payment Systems, CBE

“Our effort to make tokenization available to all issuing banks in Egypt, in collaboration with payment service providers, paves the way for digital payments development and innovation within the Egyptian ecosystem, thus, driving consumers’ adoption of safe and convenient digital payment options,” said Ehab Nasr, Assistant Sub-Governor for Electronic Payment Operations and Systems, CBE. 

“The launch of card tokenization not only signifies a new era in the country’s digital payments landscape but also marks an important step for all stakeholders in the Middle East and Africa's payments industry. As Egypt advances the adoption of innovative and safe digital payment solutions, Mastercard is dedicating its global expertise and local insights to place Egypt at the forefront of financial technology across the region. The Central Bank of Egypt’s efforts continue to fuel our commitment to fast-tracking the country’s cashless transition, building a more inclusive and sustainable digital economy,” said Khalid Elgibali, Division President, MENA, Mastercard.

“We’re excited to support the Central Bank of Egypt in this defining mission of introducing tokenization in the market. Innovation is imprinted into Mastercard’s DNA and that is why we continuously thrive to modernize payments and transform transactions to offer convenient, safe and simple payment solutions. This new milestone is a continuation of our efforts to transform Egypt’s digital financial infrastructure and take the country’s drive towards a cashless economy to new heights,” said Adam Jones, Country General Manager, MENA Central, Mastercard.

“The introduction of card tokenization technology is imperative to developing digital payments and offering new payment services, in line with the Central Bank of Egypt’s strategy. As the national operator of payments infrastructure, our mission is to support the transformation of digital payment methods by working with payment service providers, and empower innovation to unlock safe and easy payment technologies. Tokenization marks a significant development in the country’s payments infrastructure, which in turn contributes to a healthy economy and attracting global investments," said Tarek Raouf, CEO and Managing Director of the Egyptian Banks Company.

 “Availing card tokenization within the Egyptian market, in collaboration with our strategic payment innovator partners, sets a milestone in the development of the digital payments industry and aligns with the Central Bank of Egypt’s vision for continuously progressing innovation within the sector. Supporting the payments infrastructure with tokenization technology and making it available for all issuing banks will achieve a new level of security for financial transactions and help protect customer data, which in turn will advance the transformation of digital payments,” added Ahmed Rabie, CEO of Egyptian Banks Company.

Designed to counter online fraud and curb digital payment breaches, tokenization facilitates simpler online payments, quicker checkouts and easier card management by securely storing a digital version of payment cards on smartphones and enabling transactions through tokens that are uniquely generated for a single card at a specific merchant.