eNovate, formerly eCards, a subsidiary of eFinance Investment Group, has joined forces with Mastercard to bring Card-as-a-Service (CaaS) solution to the Egyptian market.
MThe CaaS model will provide banks, non-financial institutions, universities and fintechs with a comprehensive suite of digital payments services.
The collaboration will see eNovate leverage Mastercard expertise in payment technology to further reinforce its position in building ready to market hubs for businesses to drive digital payments adoption across Egypt, and the region.
The CaaS model offers a one-stop-shop for technology infrastructure and white label solutions, enabling banks, non-financial institutions and fintechs to easily create and launch innovative products with scalability and quicker time-to-market. This includes prepaid card integration and customizable white-label wallet solutions. Meanwhile, consumers will enjoy easy access to tailored digital financial products, such as youth and family banking.
Ibrahim Sarhan, Chairman and Managing Director of eFinance Investment Group for Financial and Digital Investments, commented: “At eFinance and its subsidiaries, we are constantly striving to expand our range of services, aiming to deliver innovative digital financial solutions to both local and global markets. Our collaboration with Mastercard will enable businesses to leverage the latest financial regulations endorsed by the Central Bank of Egypt and the Financial Regulatory Authority, enhance offered digital financial services and promote new products aimed at driving financial inclusion and digital transformation across Egypt.”
Adam Jones, Executive Vice President and Division President for West Arabia at Mastercard, added: “At Mastercard, payment modernization is one of our top priorities in providing market-ready services and platforms. Our collaboration with eNovate will help deliver innovative platforms and offer businesses out-of-the-box digital solutions that can be implemented to develop scalable, seamless and secure solutions to their customers.”
Nashwa Kamel, CEO of eNovate, stated: “The collaboration with Mastercard will pave the way for the growth of digital financial services in Egypt, benefiting new categories of businesses eager to capitalize on digital payments. This collaboration will equip businesses with the necessary digital solutions and capabilities to enhance their competitiveness, speed, efficiency, and reliability of the financial services they offer to their customers.”
The collaboration aligns with Egypt 2030 vision aiming to accelerate the country’s digital transformation agenda and the development of a digital economy by cocreating innovative digital payment solutions that addresses the rapidly evolving needs of consumers and businesses.