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The cooperation agreement between Ministry of Communications and
Information Technology, Ministry of Finance, Egyptian Banking
Corporation, and MasterCard is a landmark public/private partnership
model
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Partnership will enable 54 million Egyptians to contribute to the
formal economy by linking their national ID to the national mobile
ecosystem
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to your Twitter handle with the hashtags #MasterCard and #MWC15
BARCELONA, Spain--(BUSINESS WIRE)--
The Government of Egypt, represented by the Ministry of Communications
and Information Technology, and MasterCard
today announced the details of a recent Memorandum of Understanding
(MoU) that will aim to extend financial services to 54 million
Egyptians. The announcement was made by H.E. Atef Helmy, Minister of
Communications and Information Technology, and Ajay Banga, Chief
Executive Officer of MasterCard, at the Mobile World Congress in
Barcelona.
Ajay Banga, CEO, MasterCard, and H.E. Atef Helmy, Egypt’s Minister of Communications and Information Technology, announcing the digital National ID program at Mobile World Congress 2015 (Photo: Business Wire)
As part of the agreement, MasterCard will work with the government to
roll out a digital ID program that links citizens’ national ID to the
existing national mobile money platform, allowing Egyptians to
participate in the formal electronic economy through a single,
easy-to-use cashless program.
H.E. Atef Helmy, Minister of Communications and Information Technology,
commented: “Under Egypt’s new progressive leadership, the country is on
the road of positive change; we remain committed to driving this change.
With Egypt’s mobile penetration rate at more than 100 per cent and an
existing interoperable national mobile money platform, this
collaboration with MasterCard will provide millions of Egyptians with
access to an innovative, safe and simple way to conduct financial
transactions using their national ID card.”
According to the Minister, knowledge transfer will play an important
role in the partnership and MasterCard’s global experience and expertise
will also be leveraged to boost innovation efforts and enhance citizen
engagement. In addition, the two entities will work together build an
innovation center in Cairo that will leverage MasterCard’s latest
technologies and make them available in the market.
Ajay Banga, Chief Executive Officer, MasterCard, commented: “Financial
inclusion is the foundation for economic growth that’s more inclusive,
equitable, and sustainable. It is not only about how to better pay, and
get paid, in situations where banking infrastructure is absent. It's
also about leveraging technology and access to resources so that
communities can grow and achieve new things. We are proud and honored to
announce this partnership with the Government of Egypt. We have a long
and rich history with the country, and this partnership further
highlights our commitment to Egypt and its future.”
MasterCard already has significant assets and partnerships in Egypt, and
will leverage those to deploy the new cashless system. The system will
allow the government to issue digital ID cards which can be used to pay
for a number of services including government fees, mobile bills,
merchant purchases and domestic remittances. In addition, salaries and
social benefits will be electronically disbursed through the card. All
transactions will be processed in real-time and will be fully secure.
Globally, the electronic distribution of payments has had a profound
effect on increasing government efficiency and increasing transparency
at the national level. As a technology company offering a wide range of
payment technology, MasterCard has worked with governments around the
world to deploy efficient and secure payment technology, resulting in
significant savings and increased convenience.
Find a complete list of MasterCard’s news announcements from Mobile
World Congress in our Digital
Press Kit and follow us @MasterCardNews #WhatsNext to join
the conversation.
About MasterCard
MasterCard (NSYE: MA), www.mastercard.com
is a technology company in the global payments industry. We operate the
world’s fastest payments processing network, connecting consumers,
financial institutions, merchants, governments and businesses in more
than 210 countries and territories. MasterCard’s products and solutions
make everyday commerce activities – such as shopping, traveling, running
a business and managing finances – easier, more secure and more
efficient for everyone. Follow us on Twitter: @MasterCardMEA
and @MasterCardNews,
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Engagement Bureau.
Photos/Multimedia Gallery Available: http://www.businesswire.com/multimedia/home/20150303005725/en/
Source: MasterCard Incorporated