Mastercard and Arab African International Bank enter a strategic long-term partnershipNovember 8, 2022 | Cairo, Egypt
- The partnership will drive AAIB digital transformation strategy and focus on delivering cutting-edge payment solutions that cater to the increasing consumer demand for convenient and safe digital payment methods
Cairo, Egypt; 8th November 2022 – As part of its effort to accelerate digital transformation in Egypt’s financial ecosystem, Mastercard announced a strategic long-term partnership with Arab African International Bank (AAIB).
Through this partnership, Mastercard and AAIB will focus on the planning and execution of AAIB digital transformation strategy as well as delivering cutting-edge payment solutions that cater to the increasing consumer demand for convenient and safe digital payment methods.
The signing ceremony was held in presence of Haytham El Maayergi, AMD- Group Chief Operating &Transformation Officer at AAIB; Dina Zikry, Head of Consumer Banking and Financial Inclusion at AAIB; Khalid Elgibali, Division President, Middle East, and North Africa at Mastercard; Adam Jones, Country General Manager, MENA Central at Mastercard; and other prominent figures from both parties.
“Our long-term partnership with Mastercard will enable us to bring innovative payment solutions to more customers across Egypt,” said Haytham El Maayergi, AMD- Group Chief Operating &Transformation Officer at AAIB. “This agreement reflects our strategy and our commitment to develop products and solutions that meet the diverse needs of our customers. With Mastercard’s fundamental expertise and products innovation, we will be able to diversify our portfolio, expand our reach and further enhance our products’ features and privileges,” added Haytham.
Khalid Elgibali, Division President, Middle East, and North Africa at Mastercard, said: “We are thrilled to be AAIB’s partner of choice in its future focused journey. As a global technology leader, Mastercard is committed to empowering financial institutions with innovative payment solutions that accelerate digital growth and create meaningful customer experiences. Our long-standing collaboration with AAIB builds on Mastercard's commitment to drive sustainable growth, expand cashless societies, and create a bright and inclusive future for all.”
“Our partnership with Mastercard provides the bank with opportunities to launch new technological and advanced products in line with the needs of the current banking market,” said Dina Zikry, Head of Consumer Banking and Financial Inclusion. “Our collaboration is a positive step into the Arab African International Bank’s strategy in achieving digital transformation and providing services that suits different types of customers. Diversity, expansion, and development are the characteristics and advantages of our banking services, which contributes to achieve customer satisfaction,” added Dina.
Adam Jones, Country General Manager, MENA Central, Mastercard, said: “Egypt is rapidly embracing digital payments and we believe that effective collaborations are key to drive financial inclusion and payment innovation. We are thrilled to partner with AAIB through this milestone agreement and provide the bank with the necessary solutions to best meet the changing expectations of their customers.”
Mastercard builds on its vast expertise to support digital transformation, drive financial inclusion and encourage the shift towards an inclusive digital economy in Egypt. Such efforts fall in line with Mastercard’s global pledge to bring a total of 1 billion people and 50 million micro and small businesses into the digital economy by 2025, with direct focus on providing 25 million women entrepreneurs with solutions that can help them grow their businesses.
It is worth mentioning that AAIB has moved forward with its 2021-2025 strategy, launching several departments and integrated specialized teams that are focused on digital transformation and various other projects. A pioneer, AAIB was one of the first banks to establish ‘Digital Factory’, a new operational model offering faster and better services and products to its customers in addition to launching WhatsApp and phone banking services.
About Mastercard (NYSE: MA)
Mastercard is a global technology company in the payments industry. Our mission is to connect and power an inclusive, digital economy that benefits everyone, everywhere by making transactions safe, simple, smart and accessible. Using secure data and networks, partnerships and passion, our innovations and solutions help individuals, financial institutions, governments and businesses realize their greatest potential. Our decency quotient, or DQ, drives our culture and everything we do inside and outside of our company. With connections across more than 210 countries and territories, we are building a sustainable world that unlocks priceless possibilities for all.
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