" ITREALMS: Egypt, MasterCard sign MoU on financial inclusion

Wednesday, February 11, 2015

Egypt, MasterCard sign MoU on financial inclusion

The Government of Egypt, and MasterCard has signed a Memorandum of Understanding (MoU) to drive financial inclusion in the country, reports ITRealms.

The Egyptian government, ITRealms reports was represented at the occasion by the Ministry of Communications and Information Technology, while the MoU would boost the establishment of a strategic collaboration to help drive financial inclusion and maximize government efficiency.

 ITRealms reports that the MoU was signed by H.E. Atef Helmy, Minister of Communications and Information Technology, and Ajay Banga, Chief Executive Officer at MasterCard, in the presence of H.E. Ibrahim Mahlab, Prime Minister of Egypt, and Richard Haythornthwaite, Chairman of MasterCard’s Board of Directors.

The partnership, ITRealms gathered would see MasterCard bringing latest payment technology innovations to market. 

In addition, ITRealms reports that the company, MasterCard will leverage its global experience working with governments across the world, to help the Egyptian government increase engagement with citizens.

For  Atef Helmy, Minister of Communications and Information Technology, he noted that “Under the leadership of H.E. Abdel Fattah El-Sisi, Egypt has been undergoing a period of positive change. The President and Government of Egypt believe that Information and Communications Technology (ICT) plays a vital role in supporting this change and in helping us better serve our citizens. This collaboration with MasterCard will help the Government bring innovative new solutions to the Egyptian population.”

Ass said by the Minister, knowledge transfer will play an important role in the partnership and MasterCard’s expertise will be leveraged to boost innovation efforts and enhance citizen engagement. A number of innovative programs will be implemented in the near future to help achieve these goals.

Ajay Banga, Chief Executive Officer, MasterCard said: “This partnership highlights our commitment to Egypt and its people. It is crucial for us to join forces with governments around the world to accelerate positive change for citizens. We have a long and rich history in Egypt, and we are excited about the opportunity to provide more Egyptians with access to financial services.”

As part of the agreement, MasterCard will also be working alongside Egypt Post to fully digitalize its customer base, and enable its 4000 branches to offer electronic value-added-services, employee trainings and expert driven workshops. This will help Egypt Post transition towards cashless payment solutions through the use of mobile phones and credit cards, ultimately improving its services and enhancing convenience. 

@ITRealms @MasterCard @Egypt

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