Mastercard and Industrial Development Bank partner to advance the digital transformation in Egypt

November 22, 2023 | Cairo, Egypt

Cairo, Egypt; 22 November 2023: The Industrial Development Bank (IDB) has announced its partnership with Mastercard to drive financial inclusion and support Egypt’s digital transformation strategy.

Through this partnership, IDB and Mastercard will collaborate to enhance the bank’s offering through providing its customers with a comprehensive portfolio of innovative solutions across its credit, debit and commercial card proposition. The partnership will also leverage Mastercard’s global expertise and best practices to assist IDB in implementing its digital payment strategy in line with Egypt’s vision 2030. Mastercard will support IDB in providing a more personalized and rewarding card experience with the aim of expanding to new consumers’ segments.

“As a leader in the payments industry, Mastercard is going to help IDB grow its service offerings. Our partnership is a cornerstone in our proactive drive to bring and promote financial inclusion, incorporate a wider segment of Egypt’s unbanked population into the digital economy, and diversify our portfolio with a variety of financial and supplementary services to address the diverse needs of the Egyptian market,” declared Ghada El Bialy, Executive Chairman and CEO of IDB.

“Today, our commitment to Egypt’s digital transformation journey, remains strong. Our partnership with IDB aligns with our commitment to powering Egypt’s economic development, accelerating growth in the country and supporting the Central Bank of Egypt's financial inclusion agenda. We look forward to working with IDB to realize its ambitious strategy and work together to build a more connected digital ecosystem,” said Khalid Elgibali, Division President, MENA, Mastercard.

Established in 1947, IDB provides a wide range & diversified products and services to his customer base of individuals, corporates and institutions representing different economic sectors through a network of branches across Egypt.

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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