The Mastercard Center for Inclusive Growth and RISE announce significant progress of their joint wage digitalization project in Egypt, which aims to enhance financial inclusion and resilience among garment workers.

The acquisition will support Tamweely’s domestic growth strategy and boost its competitiveness and resilience, enabling it to become one of the country’s leading microfinance providers.

The initiative aims to raise awareness among young people about digital literacy, enhance digital financial inclusion, and encourage youth to join the financial sector and benefit from banking products and services. 

Through the partnership, the two entities will provide small businesses in South Africa, Nigeria, Kenya, and Egypt with an online platform, powered by SAVA’s Payment Transaction System, that includes digital bank accounts and accounting integration tools.

Symbiotics Investment granted Money Fellows, an Egyptian fintech, a $2.25 million loan to digitize money circles and expand its operations locally.

The move comes within the framework of the bank’s plans to achieve financial inclusion and boost the sector of micro-sized enterprises in Egypt.

The financial backing aims to enable the microfinance institution to support more SMEs in a context marked by economic challenges in Egypt. 

Newly launched direct-to-merchant acquiring service in Egypt aims to boost digital payment acceptance in the region.

The Central Bank of Egypt reports an increase in financial inclusion as total ownership of transactional accounts reach 64.8 percent of the total 65.4 million eligible adult population at the end of 2022.

Egyptian fintech startup Copal has partnered Mastercard to launch a family payments mobile app that brings all family members onto a unified payment platform that is fully managed by parents.