Mastercard (NYSE: MA) collaborates with the Egyptian Banks Company (EBC), the advanced payments network and domestic operator in Egypt.
The collaboration marks a significant step “towards fostering sustainable economic growth activities, further enhancing the digital payments landscape and driving inclusive economic development in Egypt.”
Earlier, Mastercard, in collaboration with the Central Bank of Egypt (CBE) and EBC, had supported the implementation of card tokenization regulations by “providing infrastructure to issuing banks across the country, expected to launch in 2024.”
Tarek Raouf, Executive Chairman and CEO of EBC, said:
” EBC serves as the technological arm of the Central Bank of Egypt entrusted with developing and operating the national payment scheme and fostering the adoption of electronic payments. The collaboration with Mastercard represents an important juncture in the development of Egypt’s payments ecosystem.”
As noted in the update:
“Mastercard and EBC jointly work towards building digital payments infrastructure, establishing the wallets ecosystem, and pioneering advancements in tokenization. We have always believed that great value created through the successful partnerships between national and global enterprises, and we trust that this collaboration will reflect positively on driving the future of digital payments in Egypt.”
Khalid Elgibali, Division President, MENA, Mastercard, said that they have been introducing cutting-edge payment solutions in Egypt for the past two decades, and this collaboration will play an important role in shaping the digital payments landscape.
As noted in the update, the Egyptian Banks Company for Technological Advancement “EBC” is the progressive payments network and operator of national payments schemes in Egypt.
Serving as the technological arm of the Central Bank of Egypt, EBC says it “fosters financial inclusion, modernization of governmental payments and supports the transformation into a less-cash economy.”
Their mission is to “enable seamless, instant, affordable and interoperable payment experience for individuals, businesses and the banking sector, in full compliance to international standards.”
Pursuant to their mission, they focus “on talents, innovation and collaboration with key global and national players in the payments ecosystem.”