Mastercard has announced a strategic collaboration with OPay, a leading financial services provider in the Middle East and North Africa (MENA) region, to deliver innovative banking solutions tailored to the diverse needs of the Egyptian market.
This partnership aligns with the Central Bank of Egypt’s vision to digitize the economy and extends the previous efforts aimed at supporting digital financial inclusion.
The collaboration seeks to enhance and expand digital banking solutions in Egypt, in line with the findings of the FinTech Perspective Egypt report issued by the Central Bank of Egypt.
This report highlighted the presence of 177 startups and payment service providers in the country. Recent indicators from the Central Bank of Egypt for financial inclusion in 2023 also praised the remarkable increase in financial inclusion, which has reached 70.7% among Egyptians.
To support OPay’s growth in the dynamic Egyptian market, Mastercard will provide advisory services through its team of advisors. This team, led by fintech industry experts, employs a holistic approach to tackle various challenges, including strategizing, analytics, loyalty programs, risk management, sustainability, and payments services.
With a broad customer base that includes acquisitions and payment processors, commercial companies, fintech and digital enterprises, government and public sectors, commercial banks, trade and SMEs, Mastercard’s advisors are a formidable force for driving innovation and growth across the business landscape.
Amna Ajmal, Executive Vice President of Market Development at Mastercard EMEA, commented: “We are proud to support OPay in expanding its digital banking innovation in the Egyptian market.
This reflects Mastercard’s commitment to developing financial services and promoting financial inclusion in emerging markets, specifically among non-banking segments or those with limited transactions.
Building on our previous strategic collaboration with OPay to promote digital commerce in the Middle East and Africa, we are excited to contribute to the growth of the company’s services in Egypt. Together, we aim to deliver seamless financial solutions and empower individuals and businesses in the region.”
Stephen Wynn, Chief Operating Officer at OPay, expressed his enthusiasm about the partnership: “We are delighted to collaborate with Mastercard, which represents an important step towards achieving our mission to enhance financial inclusion in Egypt by leveraging advanced technology.
At OPay, we strive to deliver secure, seamless, and competitive value digital banking solutions. Through this collaboration with Mastercard, we aim to transform Egypt’s financial services landscape and make it accessible to all.”
This partnership is in line with global developments in the fintech industry aimed at meeting the evolving needs of customers.
It highlights Mastercard’s commitment to promoting financial inclusion and innovation in Egypt, and also reflects OPay’s vision to develop more inclusive financial services. OPay has already obtained licenses to provide digital banking services in Nigeria and Pakistan.
Mahmoud Khader, Director of Business Development and Partnerships at OPay, emphasized the importance of Mastercard’s support: “Mastercard’s industry, data, and technology experts play a pivotal role in supporting OPay’s expansion into the Egyptian market.
Through our shared commitment to enhancing financial inclusion and developing the payments market, this collaboration contributes to strengthening OPay’s position as a major player in the Egyptian market, and significantly helps achieve the country’s economic development and financial inclusion goals.”
In 2022, Mastercard announced a strategic partnership with OPay to promote financial inclusion and economic development in the Middle East and Africa region.
This collaboration has enabled OPay customers in many countries to interact globally with brands using the virtual payment solution linked to Mastercard’s OPay mobile wallets.
The move marks a milestone in Mastercard’s emerging markets strategy, as the company seeks to collaborate with fintech companies like OPay to facilitate access to digital payments, provide life services, and support advanced application development.
The partnership allows OPay customers to shop with global brands, enhances financial inclusion, and contributes to the creation of an interconnected global payment system.
