Following Central Bank of Egypt (CBE) approval for Noon Payments as a payment service provider (PSP), First Abu Dhabi Bank Misr (FABMISR), one of the biggest banks in Egypt, announced a strategic partnership with the PSP, a subsidiary of Noon.
Goals of the partnership
Enhancing digital payment services and offering a smooth, integrated e-commerce experience are the goals of the collaboration. The agreement emphasises how important it is for banks and fintech to collaborate to provide cutting-edge digital payment solutions.
“Our partnership with Noon Payments reflects our commitment to supporting prominent fintech players specialising in e-commerce across the Middle East and North Africa. It also reaffirms the bank’s leading position as a key player in the regional banking sector. This step represents a strategic step to develop a robust digital payments solution that supports the accelerating growth of e-commerce in Egypt,” said Mariam El Samny, Head of Consumer Banking, FABMISR
Shmais Fakhry, Head of Innovation & Acquiring Business, FABMISR, added, “This step is part of our strategy to strengthen the bank’s position in digital payments. Our goal is to provide integrated, powerful solutions that enable customers to access products and services and complete payments seamlessly. Moreover, we aim to introduce additional payment acceptance products soon to further boost the growth of the payment acceptance business.”
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Future of cutting-edge digital payments
The future of cutting-edge digital payments is strengthened by this partnership, which also creates new growth prospects for nearby companies and retailers. It also supports the national financial inclusion agenda and the Central Bank of Egypt’s goal of a less cash-dependent society, demonstrating FABMISR’s dedication to developing a secure, effective, and cutting-edge payments ecosystem.
Mosam Gadia, Senior Vice President, Noon Payments, noted, “We’re proud to partner with FABMISR to help shape the future of digital payments in Egypt. We’re committed to giving merchants and customers flexible, innovative solutions that support their needs and keep pace with the country’s fast-growing e-commerce landscape.”
Egypt is one of our key markets, with strong reach and a large customer base. This partnership is a step toward empowering local merchants and building a digital infrastructure that drives an inclusive digital economy,” Mostafa Maher, Country Manager, Noon Payments, stated.