Mastercard and Al Baraka Bank Partner to elevate Banking Experience in Egypt
Cairo, Egypt; (12 February) 2024: In line with its commitment to providing the latest in digital payments, Al Baraka Bank announced its partnership with Mastercard, global leader in digital payments technology, to introduce an array of premium consumer, commercial and SME products, in Egypt. This strategic move is set to effectively cater to the needs of individuals in the realm of digital payments and streamline corporate expense management, ushering in a new era of digitization and efficiency in the payment ecosystem.
Abdel Aziz Samir, Deputy CEO Consumer Banking at Al Baraka Bank, expressed his delight with the partnership, stating, ” This partnership reflects our commitment at Al Baraka Bank to providing a comprehensive suite of cutting-edge solutions and diverse services, offering a seamless digital experience for our customers. Through this collaboration, we aim to expand the range of financial services provided, attract diverse customer segments, and meet all their needs through services and products tailored specifically for them. This collaboration contributes to advancing digital transformation and financial inclusion efforts, promoting electronic payment systems, and positively impacting the economy as a whole.”
“Our partnership with Al Baraka Bank is a key milestone in our journey to deliver on the shared vision of building a sustainable and resilient digital economy that is inclusive for all. This collaboration will enable Al Baraka Bank to empower individuals and businesses with world-class innovative offerings and payment solutions to embrace the benefits of digital transactions by making transactions safe, seamless, convenient, and rewarding,” said Khalid Elgibali, Division President, MENA, Mastercard.
This collaboration is poised to redefine the way individuals and businesses handle their finances, marking a significant step towards a more digitized and efficient payment ecosystem in Egypt. The collaboration between the two industry leaders signifies a significant milestone in the financial sector’s journey toward digital transformation, redefining the banking experience and setting new standards for customer convenience, payment security, and financial innovation.
This collaboration emphasizes the joint commitment of Al Baraka Bank and Mastercard to providing premium consumer products and driving the transition away from traditional payment methods, aiming to better serve customer needs and reach new, untapped market segments.
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About Mastercard (NYSE: MA) www.mastercard.com
Mastercard is a global technology company in the payments industry. Our mission is to connect and power an inclusive, digital economy that benefits everyone, everywhere by making transactions safe, simple, smart and accessible. Using secure data and networks, partnerships and passion, our innovations and solutions help individuals, financial institutions, governments and businesses realize their greatest potential. With connections across more than 210 countries and territories, we are building a sustainable world that unlocks priceless possibilities for all.
About Al Baraka Bank:
Al Baraka Bank Egypt is one of the banking subsidiaries of Al Baraka Group that takes Bahrain as its headquarters. The Group has a wide geographical presence in the form of subsidiary banking units and representative offices in 3 continents (14 countries), which in turn provide their services in more than over 600 branches. Al Baraka Bank is operating in Egypt for almost 40 years; and it currently has a network of 36 branches covering Cairo, Alexandria, and Delta, the Bank aims to have a geographical expansion by increasing the number of branches in most governorates of the Republic by the end of 2025
The bank offers retail, corporate, treasury, and investment banking services that are applied in accordance with the principles of the Islamic “Sharia”, as well as all the bank’s operations and its transactions are audited by an independent “Sharia” supervisory Board. The Bank provides direct financing to companies and institutions that enjoy high creditworthiness and participates in the syndicated loans of economically feasible large projects that provide large employment opportunities