The Egyptian Government, represented by the Minister of Communications and Information Technology and MasterCard have announced the details of a MoU (Memorandum of Understanding) with the aim of extending financial services to 54 million Egyptians. The deal was made official by HE Atef Helmy, Minister of Communications and Information Technology of Egypt and Ajay Banga, Chief Executive Officer of MasterCard. MasterCard will work with the Egyptian government to implement a digital ID card program that will link current ID documents to the national mobile money transfer platform, enabling all Egyptians to participate in the electronic economy through a single, simple cashless program .
Ajay Banga, Chief Executive Officer of MasterCard commented: “Financial inclusion is the basis for more inclusive, equitable and sustainable economic growth. It's not just about paying and getting paid in situations where the banking infrastructure is absent, but about making the most of technology and access to resources so that communities can grow and reach new heights. We are proud and honored by this partnership with the Government of Egypt. We have a long and rich history in this nation, this partnership reconfirms our commitment to the country now and in the future."
Collaboration with eTranzact in Nigeria
MasterCard announces an agreement with eTranzact International plc, a leading mobile banking and payment services company in Africa, to make international money transfers available to millions of consumers in Nigeria. The latter will be able to receive money from abroad in their eTranzact mobile wallets or through accounts in selected banks, via the HomeSend international transfer circuit, a joint venture of MasterCard, eServGlobal and BICS. HomeSend is responsible for connecting various global entities such as financial institutions, non-financial operators and mobile phone companies to enable Nigerians working abroad to transfer money to their loved ones from their accounts, payment cards , bank accounts or by cash remittance.
Collaboration with Steward Bank and EcoCash in Zimbabwe
Thanks to the collaboration between MasterCard and Steward Bank, the most innovative bank in Zimbabwe, more than 1,5 million account holders will be able to use money transfer services. For the first time, customers of the bank will be able to receive funds from their families and friends living abroad directly into their account at Steward Bank. This is made possible thanks to HomeSend. Steward Bank is the first bank in Zimbabwe to join HomeSend's global network.
