MDP, Visa partner to propel fintech growth in Egypt - Economy
This collaboration aims to empower fintech companies and non-bank financial institutions (NBFIs) nationwide, facilitate the deployment of their financial services, and foster innovation in the fast-paced Egyptian market.
As per the statement, this partnership is designed to unlock economic opportunities and create a robust financial ecosystem, reinforcing the importance of financial inclusivity in the region. It also seeks to ignite a wave of fintech development.
MDP boasts a comprehensive suite of payment processing capabilities and has supported over 40 fintechs in the region. Coupled with Visa's extensive global network, the partnership aims to provide fintech firms with essential tools, security, and scalability to excel in the digital payments landscape.
According to the statement, both companies were committed to driving financial inclusion and transforming the Egyptian market.
'Since 2020, we've recognized the increasing demand for digital payment solutions from fintechs. This partnership with Visa marks a pivotal milestone in our journey, allowing us to enhance our solutions for the fintech industry,' said Ahmed Nafie, CEO of MDP.
On her side, Malak El Baba, vice president and Egypt country manager for Visa, said: 'Our commitment to empowering fintechs in Egypt is unwavering. This partnership is set to help them launch their payment products more efficiently, ultimately delivering better services in less time.'
Financial inclusion in Egypt has boomed over the past few years. According to the latest data published by the Central Bank of Egypt (CBE), the overall financial inclusion rates for citizens of 16 years and above (estimated at EGP 67.3 million) increased by 181 percent between 2016 and June 2024.
The number of financially included citizens in this category rose from 17.1 million in 2016 to 48.1 million in 2024. In other words, the financial inclusion rate went up from benefitting 27.4 percent of those who are 16 and above in 2016 to 71.5 percent in June 2024.
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