eNovate partners with Mastercard to launch CaaS model in Egypt

Updated 11/19/2024 1:34:00 AM

Arab Finance: eNovate, formerly eCards, a subsidiary of eFinance Investment Group, has teamed up with Mastercard to bring Card-as-a-Service (CaaS) solution to the Egyptian market, as per an emailed press release.

The CaaS model will offer a wide range of digital payment services to banks, non-financial institutions, universities, and fintechs, with consumers having easy access to designated digital financial products, such as youth and family banking.

It also provides a one-stop-shop for technology infrastructure and white-label solutions, allowing banks, non-financial institutions, and fintechs to easily create and launch innovative products with scalability and quicker time-to-market.

Under this partnership, eNovate will benefit from Mastercard's expertise in payment technology to further solidify its position in building ready to market hubs for businesses to drive digital payments adoption across Egypt and the region.

“Our collaboration with Mastercard will enable businesses to leverage the latest financial regulations endorsed by the Central Bank of Egypt and the Financial Regulatory Authority, enhance offered digital financial services and promote new products aimed at driving financial inclusion and digital transformation across Egypt,” Ibrahim Sarhan, Chairman and Managing Director of eFinance Investment Group for Financial and Digital Investments, commented.

“Our collaboration with eNovate will help deliver innovative platforms and offer businesses out-of-the-box digital solutions that can be implemented to develop scalable, seamless and secure solutions to their customers,” Adam Jones, Executive Vice President and Division President for West Arabia at Mastercard, added.