In a bid to accelerate digital transformation in Egypt’s financial ecosystem, Mastercard has forged a long-term partnership with Arab African International Bank (AAIB).
Through the partnership, the pair will focus on the planning and execution of AAIB’s digital transformation strategy as well as delivering payment solutions that cater to the increasing consumer demand for easy digital payment methods.
According to Haytham El Maayergi, AMD-group chief operating & transformation officer at AAIB, the long-term partnership with Mastercard will enable the bank to bring innovative payment solutions to more customers across Egypt.
He says: “This agreement reflects our strategy and our commitment to develop products and solutions that meet the diverse needs of our customers. With Mastercard’s fundamental expertise and products innovation, we will be able to diversify our portfolio, expand our reach and further enhance our products’ features and privileges.”
Khalid Elgibali, division president, Middle East and North Africa at Mastercard, adds: “We are thrilled to be AAIB’s partner of choice in its future focused journey. 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.
“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.”
AAIB suggests the partnership with Mastercard provides the bank with opportunities to launch new technological and advanced products in line with the needs of the current banking market. The bank’s 2021-2025 strategy also includes the launch of several departments and integrated specialised teams that are focused on digital transformation and various other projects.
While Mastercard cites the collaboration as a chance to further build on its expertise to support digital transformation, drive financial inclusion and encourage the shift towards an inclusive digital economy in Egypt.
Nclude, a fintech focused VC investment platform, also recently bagged investment from Mastercard to boost its mission to help tackle financial inclusion in Egypt.