The collaboration will see Mastercard support CIB with things like core digital payments capabilities and card issuance, letting the bank deliver “secure, seamless, and efficient payment experiences for consumers and businesses,” the companies said in a news release last week.
“By leveraging its advanced technologies, global network, and advisory expertise, Mastercard will support CIB’s offering, strengthening digital payments while enhancing efficiency and access to advanced payment solutions,” the release added.
Islam Zekry, the bank’s chief finance and operations officer, said the partnership is part of CIB’s efforts to expand access to credit and financial inclusion across Egypt.
“As digital transformation continues to scale across Egypt, collaboration remains essential to building an inclusive and resilient payment ecosystem,” added Adam Jones, executive vice president and division head for West Arabia at Mastercard.
“By combining CIB’s deep market expertise with Mastercard’s global network, technology, and insights, we are enabling more seamless and accessible payment experiences that support consumers, businesses, and the broader financial ecosystem.”
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In related news, Mastercard earlier this month debuted a program designed to help small to medium-sized businesses (SMBs) across the Middle East and North Africa region navigate the trade disruptions, rising energy and logistics costs, and other strains resulting from the current regional conflict.
Known as “Built Small. Moving Strong.,” the program brings together banks, government entities and ecosystem partners to offer SMBs financial tools and digital enablement, Mastercard said.
“What matters now is ensuring businesses have access to liquidity, actionable insights and digital capabilities that allow them to keep operating and position themselves for recovery,” Onur Kursun, vice president, commercial and new payment flows, EEMEA at Mastercard, said in a news release at the time.
Closer to home, Mastercard teamed with PYMNTS Intelligence showing that U.S. SMBs are becoming more global in how they purchase goods, materials and supplies.
The report finds that 57% of U.S. SMBs now source from overseas suppliers, including many very small companies, meaning businesses of all sizes can participate in international buying, not only bigger companies with robust procurement teams.
The research also found that payments have not entirely caught up with this shift. Many SMBs still pay overseas suppliers in American dollars, even when suppliers use other currencies.
“That can shift currency costs and uncertainty to the supplier,” PYMNTS wrote. “It can also create friction in relationships that SMBs depend on for inventory, pricing and growth. For payment providers, that gap creates a clear opportunity.”
