Carticard, an affiliate of Egypt-based online business solutions platform egabi, recently partnered with Mastercard, a US-based payments technology company, through which Carticard will issue loans via Mastercard payment cards. This will increase to 400,000 the number of payment cards that Carticard has issued and manages for microfinance institutions, consumer finance companies and banks.
Ahmed Sameh, the managing director of Carticard and egabi, remarked, “We are pleased to partner with Mastercard to digitize the payment process for nano-, micro- and small financing cycles. Our collaboration will contribute to the financial inclusion journey by facilitating digital cash disbursements and collection…. We have started the program in Egypt and have plans to expand to other countries and regions soon.”
Egabi offers a range of technology services, including in the financial services arena. Its platforms for e-banking, leasing, microfinance, mortgage lending and other services facilitate 500,000 transactions per day for 120 financial institutions in 17 countries. In addition to Egypt, egabi has offices in Saudi Arabia and the UAE.
Headquartered in the US state of New York, Mastercard is a payments and technology company connecting consumers, financial institutions, merchants and governments in approximately 210 countries and territories. As of October 2020, Mastercard reported net quarterly income of USD 1.5 billion on total assets of USD 32 billion.
By Eha Joshi, Research Association
Sources and Additional Resources
Mastercard press release
https://newsroom.mastercard.com/mea/press-releases/mastercard-signs-partnership-with-carticard-to-spur-digital-economy-and-drive-financial-inclusion-in-egypt
Egabi homepage
http://egabifsi.com
Carticard homepage
http://carticard.com
LinkedIn profile on Ahmed Sameh
https://www.linkedin.com/in/ahmed-sameh-746b411/
Mastercard financials
https://s25.q4cdn.com/479285134/files/doc_financials/2020/q3/3Q20-Earnings-Release.pdf
Previous MicroCapital article on Mastercard
https://www.microcapital.org/microcapital-brief-juvo-mastercard-to-promote-alternative-credit-scoring-platform-to-microfinance-institutions-banks-in-latin-america-caribbean/
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