Mastercard and Ingiz Collaborate on Digital Payments App in Egypt
Mastercard has partnered with Ingiz, a family financial management startup in Egypt.
This collaboration aims to introduce a digital payments application that will drive financial literacy and inclusion among Egypt’s youth, a market segment that has remained largely untapped and underserved, the companies said in a Sunday (Aug. 27) press release.
Ingiz offers prepaid cards for parents and their children to manage finances, according to the release. The company encourages young users to earn, save and spend money through gamified in-app features, while also equipping parents with non-invasive monitoring tools.
By leveraging Mastercard’s digital payment technology, Ingiz plans to enhance its suite of financial products for youth, so they can take control of their financial future, the release said.
The partnership between Mastercard and Ingiz aims to facilitate payment processing and extend the reach of the app to a diverse range of merchants and consumers, accelerating Ingiz’s growth and market expansion, per the release.
Sherif Ramadan, CEO of Ingiz, emphasized in the release the importance of financial inclusion and literacy in Egypt and expressed the company’s ambition to build a next-generation solution in collaboration with Mastercard.
“The partnership will enable us to offer an unparalleled financial education experience that prepares our youth for a brighter tomorrow,” he said in the release.
In addition to the partnership with Mastercard, Ingiz has joined forces with Masria Digital Payments (MDP), a leading processor, to further extend Ingiz’s market reach by leveraging Mastercard technologies on MDP platforms, per the release.
The news comes about nine months after Mastercard partnered with Arab African International Bank (AAIB) as part of its efforts to accelerate the digital transformation of Egypt’s financial system. In that collaboration, Mastercard and AAIB are working together to help drive the adoption of digital payments in the country, the organizations said at the time.
In October, Mastercard invested in and launched a collaboration with African technology company nClude to further financial inclusion across Egypt while also enhancing the country’s FinTech ecosystem.
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