Mastercard and Societe Arabe Internationale De Banque collaborate to drive digitization of payments in Egypt
29-11-2023 09:00:00 | by: Bob Koigi | hits: 1219 | Tags:

Societe Arabe Internationale De Banque (saib) has partnered with Mastercard to advance digital payments and drive financial inclusion in Egypt. Through this partnership, saib has selected Mastercard as its partner to diversify its product portfolio, and provide a wider range of financial services to small and medium-sized businesses (SMEs).

“Our partnership with Mastercard empowers us to expand our digital offerings and stay ahead of the digital revolution, while aligning with the national financial inclusion goals. At saib, we are committed to driving financial inclusion to include more social segments and fostering a comprehensive digital economy in Egypt. This partnership is a testament to our shared successes in electronic payments,” said Tarek El Kholy, Chairman and Managing Director, saib.

“Our longstanding partnership with saib underscores our commitment to accelerating financial inclusion in Egypt and the wider region. By leveraging our innovative payment solutions, expertise, and local know-how, we will support saib's growth plans and enhance the bank’s product offering, contributing to a more inclusive and digitally empowered economy,” said Khalid Elgibali, Division President – Middle East and North Africa, Mastercard.

saib, in collaboration with Mastercard is set to introduce tokenized payments to enable secure, fast, and seamless transactions through different devices. They will also introduce micro-credit programs for small businesses, adding more payment touchpoints in line with the Central Bank of Egypt's Financial Inclusion Strategy. Additionally, saib will leverage Mastercard's advanced cybersecurity products, enhancing the bank’s payment security with cutting-edge monitoring tools.

The partnership enables saib and Mastercard to introduce payment solutions and services that are tailored to meet the specific needs of commercial and small businesses which are designed to cater to the evolving needs of consumers in Egypt.

Tarek Abdou, Deputy Managing Director for Business & Operations, saib, remarked, "This partnership comes as part of our ongoing efforts to strengthen the financial system and develop the electronic payment infrastructure in Egypt with the aim to expand financial inclusion and banking services in the country. This partnership works on supporting the digital transformation as well as the financial technology objectives of the bank; to include more segments from the banking sector by providing them with suitable financial services."

"Through this partnership, and together with saib, we will shape digital commerce in Egypt. With Mastercard's innovative technology at the forefront, we can empower Egypt's growing small business and commercial landscape, supporting saib’s growth plans and helping to transition towards a more digital and inclusive society,” said Adam Jones, Country General Manager, MENA Central for Mastercard.

 “Mastercard remains our partner of choice, given their expertise and innovative digital payment solutions. This partnership will enable us to connect our customers to the digital economy, and we anticipate further successful collaborations with Mastercard to deliver distinctive and innovative solutions,” said Amr Nossair, Assistant Managing Director for Retail & Branches.

The partnership builds on the existing collaboration initiated in 2018, to enable saib to offer its customers innovative, simple, and secure payment solutions and innovative products like the SAIB Payband. These solutions have played an instrumental role in fostering the growth of a vibrant digital economy in Egypt.