Mastercard and MDP, a modern payment processing powerhouse, have joined forces to revolutionize the payments ecosystem for banks and non-financial institutions (non-FIs) in the Middle East and Africa region.
This collaboration will transform MDP into an innovative one-stop-shop processing services hub, integrating Mastercard’s digital assets and white-label applications with the payment processor’s products.
“By bundling Mastercard’s digital assets with our products, we are offering issuer banks the ability to roll out new segment-focused solutions, like youth banking, family banking and digital lending. We are also empowering fintech, mobile network operators (MNOs) and the wider non-FIs segment companies to quickly get to the market by providing them with Mastercard’s unique propositions with the lightest touch from their side,” said Ahmed Nafie, CEO, MDP.
“In line with our commitment to fuelling a strong digital economy in the Middle East and Africa, we are keen to harness the power of technology and partnerships to build a robust, seamless and secure payment infrastructure. Our collaboration with MDP will equip businesses with innovative payment solutions that allow them to participate in digital commerce and drive financial inclusion,” said Gaurang Shah, Executive Vice President, Product and Engineering, Eastern Europe, Middle East and Africa, Mastercard.
This strategic alliance represents a transformative initiative, offering a wide range of benefits to various stakeholders. It empowers financial institutions to bring innovative products to the market swiftly and efficiently, with minimal involvement from their internal teams. It streamlines SME lending and consumer lending/Buy Now Pay Later (BNPL), and provides accessible credit options via mobile apps, in addition to extending into more innovative areas, like AI health and fitness and sustainability.
Fintech companies stand to gain from a faster time to market through Card-as-a-Service (CaaS) and sandbox capabilities. Meanwhile, non-FIs and telecommunication companies can proficiently offer white-label apps to their subscribers overcoming associated hurdles such as BIN sponsorship, which will be available through the CaaS enablement program with MDP.