Mastercard has announced its sponsorship of the Egyptian Banking Institute (EBI) ninth annual conference which aims to promote financial inclusion in Egypt.
Speaking at the second session of the conference, Magdy Hassan, GM for Egypt and North Africa, Mastercard, highlighted the company’s leading role in developing innovative payment technologies as well as its significant contribution to further drive financial inclusion globally. He also stressed on the importance of reducing the impediments to financial inclusion, and promoting access and usage of financial services.
“We are proud to take an active part in promoting financial inclusion in Egypt. Three years ago, Mastercard was the first company to make financial inclusion part of the way we do business and accordingly we have built a sustainable approach to product and service development and implementation. It is important for all parties to work together and for the government to facilitate the provision of a higher quality and diverse portfolio of financial services, including, digital and mobile payments, focusing on individuals, households and SMEs. Processing payments can be the first entry point for unbanked to engage with the banking system. Therefore by developing fast, secure and cost-efficient payment solutions, we enable and empower banks to cater to the needs of the unbanked,” said Magdy.
As the understanding of the costs and risks of cash usage is increasing in the country, Mastercard has worked closely with the Egyptian Government on a number of project to further drive financial inclusion. To name a few, these projects included the digitalization of outbound and inbound payments; the establishment of the world first interoperable mobile eco-system in collaboration with the Egyptian Banks Company (EBC); and the facilitation of electronic transactions and adoption of a digital cashless roadmap in two technology parks in cooperation with ITIDA.