Mastercard reiterated its support of the Egyptian government’s vision to accelerate the advancements of its payment ecosystem, and drive inclusive growth through innovations in the payments industry, during its participation in the American Chamber of Commerce’s ministerial panel meeting in Cairo on Thursday, as part of the US business mission to Egypt.
“Egypt is going through a phase of rapid growth and transformation. Effective public-private partnerships present a tremendous opportunity to drive sustainable and diversified economic development in the country. We have worked to blend our global programmes with local experience to meet the needs of Egyptians and how they want to pay and be paid,” said Mastercard Chief Product Officer Michael Miebach.
He also praised the National Council for Payments initiative, chaired by the President Abdel Fattah Al-Sisi, which reaffirms the Egyptian government’s firm resolve to advance financial inclusion in the country.
“We will continue to draw on the right partners to solve real problems with products and solutions that further support Egypt’s continued economic growth,” Miebach added.
The company has been working in Egypt for over 15 years. Mastercard has worked closely with the Egyptian government to reduce cash use, and leverage the latest payment innovations for more inclusive economic growth.
In 2013, Mastercard partnered with the Egyptian government to establish the world’s first interoperable mobile ecosystem, allowing 9 million citizens holding Mastercard mobile wallets to transact in a safe, secure and convenient way.
Moreover, Mastercard and the Ministry of Finance customised a Government Payroll Programme to empower 6 million government employees throughout the country.
Moreover, Mastercard launched the first government disbursement model for social benefits, through which over 40,000 women can use their mobile wallets to receive alimony in a convenient, private, and secure manner, in collaboration with the Ministry of Social Solidarity.