Mastercard and Industrial Development Bank partner to advance the digital transformation in Egypt

Cairo, Egypt; 21 November 2023

Industrial Development Bank (IDB) has announced its partnership with Mastercard to drive financial inclusion and support Egypt’s digital transformation strategy.

Through this partnership, IDB and Mastercard will collaborate to enhance the bank’s offering through providing its customers with a comprehensive portfolio of innovative solutions across its credit, debit and commercial card proposition. The partnership will also leverage Mastercard’s global expertise and best practices to assist IDB in implementing its digital payment strategy in line with Egypt’s vision 2030. Mastercard will support IDB in providing a more personalized and rewarding card experience with the aim of expanding to new consumers’ segments.

“As a leader in the payments industry, Mastercard is going to help IDB grow its service offerings. Our partnership is a cornerstone in our proactive drive to bring and promote financial inclusion, incorporate a wider segment of Egypt’s unbanked population into the digital economy, and diversify our portfolio with a variety of financial and supplementary services to address the diverse needs of the Egyptian market, “declared Ghada El Bialy, Executive Chairman, IDB.

“Today, our commitment to Egypt’s digital transformation journey, remains strong. Our partnership with IDB aligns with our commitment to powering Egypt’s economic development, accelerating growth in the country and supporting the Central Bank of Egypt’s financial inclusion agenda. We look forward to working with IDB to realize its ambitious strategy and work together to build a more connected digital ecosystem,” said Khalid Elgibali, Division President, MENA, Mastercard.

Established in 1947, IDB provides a wide range of diversified products and services to its customer base of individuals, corporates and institutions representing different economic sectors, through its network of branches distributed over Egypt’s different governorates.

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