Mastercard, MaxAB partner to promote digitization, financial inclusion in Egypt

Updated 11/29/2023 12:26:00 PM

Arab Finance: Mastercard has signed a memorandum of understanding (MoU) with the business-to-business (B2B) marketplace MaxAB to boost digitization and financial inclusion in Egypt, according to an emailed press release.

The signing came on the sidelines of EDGE 2023 forum in Dubai.

The deal aims to promote MaxAB's network of 100,000 micro, small, and medium enterprises (MSMEs) via providing innovative digital payment solutions, which will enable businesses to collect contactless payments from end consumers.

Banking on the technology and commercial expertise provided by MaxAB platform, Mastercard’s acceptance solutions will digitize all the transactions, allowing the platform to widen its base of MSMEs.

This could eliminate cash handling, limit reconciliation issues, control fraud, and empower merchants to develop their businesses.

“Through our partnership with Mastercard, we will introduce innovative financial services to our merchants, allowing them to seamlessly automate and digitize their payment cycles. Mastercard’s solutions will help us reduce manual operational processes and achieve scale at a much faster pace,” CEO of MaxAB Belal El-Megharbel commented.

“Our partnership with MaxAB will further drive contactless acceptance solutions across the network and enable businesses to further expand and grow,” Mastercard’s EVP, Products and Engineering, Eastern Europe, and Middle East and Africa Gaurang Shah said.