Mastercard to expand financial inclusion in Egypt

The partnership will enable smoother digital transactions in the country

Mastercard payment Egypt

Mastercard to expand financial inclusion in Egypt. Source: pexels.com

Mastercard has announced a partnership with Carticard, egabi FSI’s strategic partner. They aim to offer Carticard customers improved digital payment solutions while incorporating more people into the digital economy.

The new partnership will enable Carticard to directly distribute loans through Mastercard prepaid cards.
The collaboration will see Carticard expand its cardholders’ network to 400,000 and support egabi FSI in expanding its microloans platform to reach its goal of 8 million consumers by 2022.

The COVID-19 pandemic and the measures put in place by the Egyptian government to curb the spread of the virus have already led to an 80% increase in e-commerce transactions in the local market, bringing the country one step closer to a fully integrated digital economy.

We are delighted to announce our partnership with Carticard as we expand our efforts to drive financial inclusion in Egypt and enable more people to enjoy the benefits of the digital economy. Earlier this year, Mastercard made a commitment to connect 1 billion people worldwide to the digital economy by 2025, and scaling up engagements with fintechs like Carticard will help us reach this goal as we strive to build a brighter and more inclusive future
Mohamed Assem, Country Manager, Egypt, Mastercard

We’ve reported that Mastercard and B2B platform EnKash have partnered to expand the acceptance of commercial cards across India.

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