Mastercard and ALEXBANK announce partnership to enhance the financial services landscape and drive inclusive growth in Egypt

Cairo, Egypt; 5 March 2024: Mastercard has announced a partnership with ALEXBANK, a bank of the Intesa Sanpaolo group. This collaboration builds on both entities’ shared vision to fostering growth, accelerating digitization, and promoting financial inclusion. The partnership leverages Mastercard’s technologies to advance the bank’s payment solutions strategy and enhance the financial services landscape.

With a specific focus on growing ALEXBANK’s exclusive credit card base and acquiring business, Mastercard’s support will enable the bank to grow across various segments. Additionally, Mastercard and ALEXBANK will modernize cardholders’ payment experience by extending new digital offerings across the range of products, with a primary focus on rolling out personalized payment benefits based on the cardholders’ spending behaviour.

Additionally, through this partnership, ALEXBANK will leverage Mastercard’s advanced fraud detection tools and cybersecurity solutions, reinforcing payment safety to the bank’s clients. This strategic alliance underscores ALEXBANK and Mastercard’s shared commitment to consumer safety, secure payments, and inclusive growth initiatives.

“We are delighted to strengthen our alliance with Mastercard to empower our client-base in Egypt. Through our continued partnership, we aim to enable our users to experience the full benefits of innovative payment solutions through Mastercard’s multi-rail expertise and expanding suite of programs and services,” said Mr. Tarek Salah, ALEXBANK’s Head of Retail and SME.

“Our longstanding relationship with ALEXBANK in Egypt drives our collective ambition to advance the digital transformation of financial services in Egypt, providing greater access to tools that benefit all stakeholders. By strengthening our partnership, we are poised to deliver innovative payment technologies and digital products, in alignment with the Central Bank’s Financial Inclusion strategy,” said Ms. Inji Borai, Vice President and Country Manager, Egypt, Mastercard.