Mastercard and ALEXBANK announce partnership to enhance the financial services landscape and drive inclusive growth in Egypt
March 4, 2024 | Cairo, Egypt
Cairo, Egypt; 5 March 2024: Mastercard has announced a partnership with ALEXBANK, a bank of the Intesa Sanpaolo group. This collaboration builds on both entities’ shared vision to fostering growth, accelerating digitization, and promoting financial inclusion. The partnership leverages Mastercard’s technologies to advance the bank’s payment solutions strategy and enhance the financial services landscape.
With a specific focus on growing ALEXBANK's exclusive credit card base and acquiring business, Mastercard’s support will enable the bank to grow across various segments. Additionally, Mastercard and ALEXBANK will modernize cardholders’ payment experience by extending new digital offerings across the range of products, with a primary focus on rolling out personalized payment benefits based on the cardholders’ spending behaviour.
Additionally, through this partnership, ALEXBANK will leverage Mastercard’s advanced fraud detection tools and cybersecurity solutions, reinforcing payment safety to the bank’s clients. This strategic alliance underscores ALEXBANK and Mastercard’s shared commitment to consumer safety, secure payments, and inclusive growth initiatives.
“We are delighted to strengthen our alliance with Mastercard to empower our client-base in Egypt. Through our continued partnership, we aim to enable our users to experience the full benefits of innovative payment solutions through Mastercard’s multi-rail expertise and expanding suite of programs and services," said Mr. Tarek Salah, ALEXBANK’s Head of Retail and SME.
“Our longstanding relationship with ALEXBANK in Egypt drives our collective ambition to advance the digital transformation of financial services in Egypt, providing greater access to tools that benefit all stakeholders. By strengthening our partnership, we are poised to deliver innovative payment technologies and digital products, in alignment with the Central Bank’s Financial Inclusion strategy,” said Ms. Inji Borai, Vice President and Country Manager, Egypt, Mastercard.
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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