Mastercard and the Egyptian Banks Company join forces to propel Egypt's economy into the digital age
February 7, 2024
Cairo, Egypt; 7 February 2024 – Mastercard collaborates with the Egyptian Banks Company (EBC) the advanced payments network and domestic operator in Egypt. The collaboration marks a significant step towards fostering sustainable economic growth activities, further enhancing the digital payments landscape and driving inclusive economic development in Egypt.
Earlier, Mastercard, in collaboration with the Central Bank of Egypt (CBE) and EBC, had supported the implementation of card tokenization regulations by providing infrastructure to issuing banks across the country, expected to launch 2024.
Tarek Raouf, Executive Chairman and CEO, EBC, said: " EBC serves as the technological arm of the Central Bank of Egypt entrusted with developing and operating the national payment scheme and fostering the adoption of electronic payments. The collaboration with Mastercard represents an important juncture in the development of Egypt's payments ecosystem. Mastercard and EBC jointly work towards building digital payments infrastructure, establishing the wallets ecosystem, and pioneering advancements in tokenization. We have always believed that great value created through the successful partnerships between national and global enterprises, and we trust that this collaboration will reflect positively on driving the future of digital payments in Egypt."
Khalid Elgibali, Division President, MENA, Mastercard, said: "Over the past two decades, Mastercard has been actively involved in introducing cutting-edge digital payment solutions into the Egyptian landscape, steadfastly aligning with the government’s vision for a financially and digitally inclusive future. This collaboration is set to play a pivotal role in shaping the digital payments landscape, fostering financial inclusion, and contributing to sustainable economic growth in Egypt.”
Ahmed Rabea, Managing Director, EBC, said: "Our collaboration with Mastercard affirms our long-standing cooperation and aligns with our strategy to further collaboration with global payment leaders. By leveraging expertise and international reach, we look forward to paving the way for a new era of digital payments and services, and creating innovative solutions for the benefit of millions of customers."
Adam Jones, Country General Manager, MENA Central, Mastercard added: "In this collaboration, Mastercard brings its global expertise to complement the innovative technology infrastructure that EBC has successfully developed. Together, we aim to create new solutions and use cases that capitalize on Egypt's real-time payments infrastructure, ushering in a new era of digital payment services."
About EBC
Egyptian Banks Company for Technological Advancement “EBC” is the progressive payments network and operator of national payments schemes in Egypt. Serving as the technological arm of the Central Bank of Egypt, EBC fosters financial inclusion, modernization of governmental payments and supports the transformation into a less-cash economy. Our mission is to enable seamless, instant, affordable and interoperable payment experience for individuals, businesses and the banking sector, in full compliance to international standards. Pursuant to our mission, we focus on talents, innovation and collaboration with key global and national players in the payments ecosystem. EBC operates national payment infrastructure comprising the shared cash network “123”, Automatic Clearing House “ACH, Domestic Card Scheme “Meeza, Mobile Wallets network “Meeza Digital, the Instant Payment Network and the super App “InstaPay".g
About Mastercard (NYSE: MA)
Mastercard is a global technology company in the payments industry. Our mission is to connect and power an inclusive, digital economy that benefits everyone, everywhere by making transactions safe, simple, smart and accessible. Using secure data and networks, partnerships and passion, our innovations and solutions help individuals, financial institutions, governments and businesses realize their greatest potential. Our decency quotient, or DQ, drives our culture and everything we do inside and outside of our company. With connections across more than 210 countries and territories, we are building a sustainable world that unlocks priceless possibilities for all.
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