Intelligent CIO Middle East Issue 25 | Page 47

COUNTRY FOCUS: EGYPT ALEXBANK will launch a series of user- friendly products designed to appeal to marginalised communities based in rural areas who traditionally have been less inclined to access formal banking services. Dante Campioni, Managing Director and CEO of ALEXBANK, stated that the partnership with NCW will result in more women adopting formal banking procedures which could improve their financial security and also give a boost to jobs. Technology will be used via social media to educate new customers about using banking products and the terminology used by financial institutions. As if to emphasis the bank’s determination to extend into previously unreached territories, ALEXBANK has also announced a multi-year partnership agreement with Liverpool FC. As part of the agreement the bank will become the club’s official card partner for the Egyptian market. This will see it utilising technology to launch a dedicated series of card products. Mastercard enables a new era of payments in Egypt through digitisation “Egypt is proving to be one of the most popular locations for fin-tech start- ups, competing with the UAE, Lebanon and Jordan.” the past few years, Egypt has taken a remarkable lead over other markets in the region by becoming one of the first countries in the world to embrace an interoperable mobile ecosystem. Guided by its vision of a cashless world and since the beginning of its operations in the country, Mastercard has made financial inclusion one of its top priorities in Egypt. The Central Bank of Egypt established an interoperable mobile ecosystem in 2013, meaning that the country became one of the first worldwide to embrace a solution of this kind. Furthermore, the system leverages the high penetration of mobile phones and helps to form a foundation to spur innovation in the payments and remittance sphere. Over the years, Mastercard’s collaboration with the Egyptian Government has resulted in a number of significant developments in the local market. Magdy Hassan, General Manager, Egypt and North Africa, Mastercard, said: “Over “This achievement has only been possible due to the Egyptian Government’s firm resolve to further drive financial inclusion in the country, as envisioned in the Egypt Vision 2030 that calls for a competitive, balanced and diversified economy.” Mastercard has worked closely with the Egyptian Government and embarked on a number of ambitious programmes to drive financial inclusion and promote access to digital payments. In addition, Mastercard’s work with the Egyptian Government has enabled 4.6 million government employees to conveniently withdraw their salaries from an ATM using their Mastercard card, which they can also use to make purchases at 60,000 point of sale (POS) terminals across the country. Hassan added: “Our imminent plans in the market include working closely with the Central Bank of Egypt to contribute to the objectives of the newly established National Council for Payments. In addition, our collaboration with the Central Bank of Egypt will also see us discuss new ways to create and enable a conducive regulatory environment aimed at the development of fin-tech regulations. As it currently stands, Egypt is proving to be one of the most popular locations for fin-tech start-ups, competing with the UAE, Lebanon and Jordan.” n www.intelligentcio.com INTELLIGENTCIO 47