Cairo, Egypt – Visa, a global leader in digital payments, has announced a strategic partnership with MDP to empower fintech companies and non-banking financial institutions across Egypt. This collaboration aims to enhance financial innovation, support market growth, and enable seamless financial services in the region.
The partnership underscores the growing significance of inclusiveness and technological advancements in Egypt’s rapidly expanding fintech sector. Additionally, it plays a crucial role in transforming the financial landscape across Africa by creating economic opportunities, fostering growth, and integrating markets within the region.
By establishing a strong foundation in Egypt, this collaboration is set to drive financial technology advancements and open doors for future partnerships. It aligns with a broader vision of fostering innovation and enabling individuals to achieve success in an increasingly digital economy across the African continent.
Through this initiative, fintech companies will gain access to essential tools to ensure high levels of security, scalability, and growth. This will allow them to excel in digital payments, leveraging MDP’s proven track record in enabling over 40 fintech companies in the region through its comprehensive payment processing and card issuance solutions. Furthermore, Visa’s extensive global network and resources will serve as a fundamental pillar in the payment system, connecting issuers with fintech companies and fostering an integrated and seamless financial ecosystem.
Commitment to Financial Inclusion and Innovation
The collaboration between Visa and MDP reaffirms their shared commitment to enhancing financial inclusion and creating a positive impact in the fintech sector within Egypt. By combining their expertise, the two companies aim to build a robust and innovative financial system that benefits consumers, businesses, and the economy alike.
Executive Insights
Ahmed Nafie, CEO of MDP, highlighted the company’s vision for fintech and digital payments: “In 2020, we anticipated the future needs of fintech companies and recognized the increasing demand for our digital payment solutions. Since then, we have successfully enabled over 40 fintech companies across the region, showcasing our deep expertise in providing integrated payment solutions. Our partnership with Visa marks a significant milestone in our journey, allowing us to develop our payment solutions further and better support the fintech sector.”
Malak El Baba, Vice President and General Manager for Egypt at Visa, emphasized the company’s dedication to empowering fintechs: “As a leader in digital payments, we are committed to enabling fintechs in Egypt to reach their full potential and drive financial inclusion, fostering innovation in the payments ecosystem. Through our partnership with MDP, we aim to support the growth of this sector by helping fintechs seamlessly launch their payment products and deliver more advanced and efficient payment services in record time.”
A Transformational Impact on Egypt and Africa
The Visa-MDP partnership is expected to drive substantial changes in the financial landscape of Egypt and Africa. By promoting innovation, growth, and financial inclusion, this collaboration will strengthen the fintech ecosystem, benefiting businesses, consumers, and the economy as a whole.
