Mastercard Reinforces its Commitment to Help Accelerate Egypt’s Digital Transformation at the Network International Partner’s Meet

March 9, 2020 | Cairo, Egypt

Mastercard met with industry leaders from across the MEA region to discuss key initiatives on ‘Accelerating Africa’s Cashless Journey’ at the Network International Partner’s Meet (NIPM) held in Egypt. The event brought together nearly 100 experts and executives from the banking sector in Egypt and the African continent to deliberate and examine key insights into current trends and the future of the payment industry.

The annual NIPM event aims to raise awareness about key industry trends and developments for banks and merchants globally by providing a networking platform for key opinion leaders and major players in the payment industry. As a catalyst for digital transformation and a key enabler of payment innovation and technology, Mastercard's participation reinforces its position as an integral player to encourage digital transformation across Egypt and beyond by promoting a culture of innovation and technology in the field of payments.

Speaking at the event, Mohamed Assem, Mastercard’s Country Manager, Egypt, stressed the importance of applying advanced technologies and developing smart cities to accelerate Africa’s digital transformation: "Egypt and Africa are essential markets for Mastercard and we are deeply invested in supporting these markets to introduce innovative digital solutions and facilitate digital transformation.  Needless to say, we acknowledge the role of smart cities in digitizing the economy and spurring growth and we will continue working closely with the Egyptian government, among others, to develop the first smart administrative capital.”

He added: “Strategic public-private partnerships will also be essential to support the Egyptian market to realize its economic potential, empower inclusive growth and guide the country’s future digital ecosystem.”

During the event, Assem highlighted that urbanization plays an important role for sustainable growth as approximately 80% of the world’s GDP is generated in cities[1]. In light of the accelerating technological development, Mastercard is committed to work with city leaders throughout the region to improve quality of life and provide better economic opportunities. In Egypt specifically, Mastercard is cooperating with the Egyptian government to use electronic payment solutions in the new administrative capital, making it the first integrated smart city in Egypt.

Recently, Mastercard launched the global network for urban co-development, City Possible, to develop innovative urban solutions to the common challenges, including transportation, economic development, and financial inclusion. The network provides solutions to over 180 cities and consists of over 30 founding members, including city leaders, businesses, NGOs and academics.

[1] The World Bank