E-Finance office building. Photo courtesy of Shuttering Construction Company website.
e-Cards, a subsidiary of the state-owned e-Finance Group, is the governmental cards market provider of end-to-end integrated solutions.
According to a statement released by e-Finance, the agreement will serve the country's economic growth with innovative payment solutions.
The agreement will integrate smart card services offered to customers of both countries.
e-Cards will focus on producing and customizing the new cards, while Network International will process them, according to the agreement.
"This strategic alliance would facilitate optimal integration in the realm of smart card solutions, driving increased business opportunities and expanded market presence for both companies," CEO of e-Cards Nashwa Kamel said.
Reda Helal, the group managing director for processing in Africa at the Emirati company, added that this agreement will promote financial inclusion in Egypt consistent with the nation's 2030 agenda.
In the same context, the Emirati company invested $32.22 million in Egypt last August to serve digital transformation.
As a result of the government's long-term efforts, the country's financial inclusion rates have increased by 147 percent during the period between 2016 and 2022, according to the data released previously by the Central Bank of Egypt (CBE).