Global card brand MasterCard has joined forces with the Central Bank of Egypt (CBE) in a shared initiative to grow consumer attraction towards digital payments.
CBE Governor Tarek Amer and MasterCard President and CEO Ajay Banga emphasized the intention of this initiative during a meeting covered by The Daily News Egypt. The overall goal, according to the article, is to “create a competitive and balanced digital economy characterized by diversity.”
This most recent push towards cashless, which will enable 4.6 million government employees to receive their employee funds through MasterCard cards, serves as a contribution towards the government’s vision for 2030, which aims to enhance and stabilize Egypt’s digital economy.
Magdy Hassan, general manager of MasterCard in Egypt and North Africa, also explains via the same article that “Egypt was one of the first countries in the world to implement the electronic payments system through mobile phones.” He goes on to say that this “could not be achieved without the Egyptian government’s insistence on development of financial inclusion in the country.”
MasterCard, according to Hassan, will be working closely with the CBE to create the regulatory environment necessary to support continued advancements in innovative technology solutions for Egypt’s financial sector.
The same article also quotes Hassan as identifying the Egyptian marketplace as “one of the most important markets that supports startups in the financial technology field, competing strongly with the markets of the United Arab Emirates, Lebanon and Jordan.”
In response to the CBE’s commitment to support the Egyptian government’s momentum towards more digital influence in their payments ecosystem, the same article reports that Banga “praised the CBE’s continuous efforts in setting regulatory frameworks of digital payments, reacting to local market needs and communicating with key partners, experts and major companies.”
He also credited the CBE for initiatives that would further financial inclusion within Egypt, by driving adoption of electronic payments, the article said.