MasterCard and Egyptian Government Collaborate to Extend Financial Inclusion to 54 Million Citizens

Date: 
09 Mar 2015
Source: 
Mastercard

MasterCard and the Government of Egypt signed a Memorandum of Understanding aimed to extend financial services to 54 million Egyptians. As a part of the agreement, MasterCard will work with the government to roll out a digital ID program that links citizens’ national ID to the existing national mobile money platform. This will allow Egyptians to participate in the formal electronic economy through a single, easy-to-use cashless program. MasterCard already has significant assets and partnerships in Egypt, and will leverage those to deploy the new cashless system. The system will allow the government to issue digital ID cards which can be used to pay for a number of services including government fees, mobile bills, merchant purchases, and domestic remittances. In addition, salaries and social benefits will be electronically disbursed through the card. All transactions will be processed in real-time and will be fully secure.

“Under Egypt’s new progressive leadership, the country is on the road of positive change, we remain committed to driving this change. With Egypt’s mobile penetration rate at more than 100% and an existing interoperable national mobile money platform, this collaboration with MasterCard will provide millions of Egyptians with access to an innovative, safe, and simple way to conduct financial transactions using their national ID card," said H.E. Atef Helmy, Minister of Communications and Information Technology. “Financial inclusion is the foundation for economic growth that’s more inclusive, equitable, and sustainable. It is not only about how to better pay, and get paid, in situations where banking infrastructure is absent. It’s also about leveraging technology and access to resources so that communities can grow and achieve new things. We are proud and honored to announce this partnership with the Government of Egypt. We have a long and rich history with the country, and this partnership further highlights our commitment to Egypt and its future," Ajay Banga, Chief Executive Officer, MasterCard. 

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Country: 
Egypt