Under this alliance, MDP will be transformed into an innovative one-stop-shop processing services hub by integrating MasterCard's digital assets and white-label applications with its products.
MDP will empower fintech, mobile network operators, and other non-financial institutions to swiftly enter the market, leveraging MasterCard's unique offerings, said Ahmed Nafie, MDP’s CEO.
“This collaboration aims to equip businesses with cutting-edge payment solutions that enable them to participate in digital commerce and drive financial inclusion,” said Gaurang Shah, executive vice president in Eastern Europe, Middle East, and Africa at MasterCard.
Shah emphasized the goal of providing innovative payment solutions and expanding into various domains such as SME lending and consumer lending, Buy Now Pay Later.
MasterCard is committed to fostering an inclusive digital economy, focusing on helping individuals, financial institutions, governments, and businesses realize their full potential.
However, MDP serves as a leading card issuing and processing platform, offering businesses end-to-end payment infrastructure solutions.
Egypt has made significant strides towards digitalization in recent years.
In December 2022, the country signed agreements with several foreign companies like IBM, Amazon, Microsoft, and Dell Technologies to establish outsourcing centers. This initiative is expected to boost Egypt's digital exports by $1 billion by 2025 and generate over 34,000 jobs.
Egypt’s financial inclusion rate increased by 5.4 percent to 67.3 percent during the first six months of 2023, according to a report by the Central Bank of Egypt (CBE).
Additionally, Minister of Telecommunications and Information Technology Amr Talaat announced that Egypt has invested EGP 50 billion in digital transformation projects, further showcasing the country's commitment to embracing digital advancements.