Mastercard and Ingiz, an Egyptian financial management startup, have partnered to bring more financial inclusivity to Egypt’s youth. Supported by Masria Digital Payments, the partnership will launch a digital application offering a wide range of financial products that target the needs of children and youth and empower them to take control of their financial future.
Furthermore, the partnership’s goal is to offer seamless payment processing and widen the app’s customer base to include a broad range of consumers and merchants.
“Adoption of a greater range of digital payment methods is rising in Egypt, and we are committed to developing new technology and providing innovative solutions that will enhance the payment experience,” Inji Borai, Country Manager for Egypt and North Africa at Mastercard, said in a prepared statement.
“Our partnership with Ingiz will deliver a robust and intuitive family financial management app that unlocks access to secure and innovative payment options for future generations.”
Mastercard’s Role in Financial Inclusivity
Mastercard has played a key role in various partnerships as part of its commitment to financial inclusivity. In its most recent partnership, the card-issuing giant partnered with Paymentology to work with financial institutions in El Salvador, Honduras, and Guatemala to ensure they have the financial tools needed to serve underbanked and unbanked consumers.
As the founding member of Partnership for Central America, its goal is to lead five million consumers and one million micro, small, and medium-sized businesses into the digital economy over a five-year period. The initiative also includes 300,000 businesses owned by women.
“Few companies in the world are as well positioned as Mastercard to help bring financial inclusion to developing markets, and it is exciting to see their activities in Egypt,” said Brian Riley, Director of Credit and Co-Head of Payments at Javelin Strategy & Research.
