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Home Tech News Africa Tech News

Mastercard partners Ingiz to boost financial literacy in Egypt 

Ibukunoluwa Bankole by Ibukunoluwa Bankole
August 31, 2023
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Mastercard partners Ingiz to boost financial literacy in Egypt 
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Mastercard has established a strategic relationship with Ingiz, a family financial management start-up in Egypt funded by Masria Digital Payments. The collaboration is aimed at building a cutting-edge digital payments application with a view to promoting financial inclusion and literacy among Egypt’s teeming youth population. 

This is a huge step towards financial empowerment since this mainly unexplored and neglected consumer sector will now have access to banking goods and services.

Read also: Mastercard, Zanzibar to speed up digital transformation

Benefits to stakeholders

For parents and their kids, Ingiz offers prepaid cards that make it simple for them to handle their funds. With gamified in-app features, the firm encourages young users to earn, save, and spend money while providing parents with non-intrusive monitoring tools for supervision.

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Ingiz will improve its portfolio of financial solutions catered to the requirements of children and youth by utilising Mastercard’s network, experience, and knowledge as well as its market-leading digital payment technology as part of the new partnership. The two partners hope to provide young people with the knowledge they need to take charge of their financial destiny by teaching them important financial concepts.

Younger generations are actively looking for new payment options, as shown by Mastercard’s National Payment Index 2022, which indicates that 40% of Gen Z and Millennials are expected to have acquired a new touch-free payment method and are less likely to conduct in-person purchases and payments.

With the agreement, Ingiz’s growth and market penetration should be greatly accelerated. It also wants to simplify payment processing and increase the app’s accessibility to a wide variety of businesses and customers.

“As Egypt adopts a wider variety of digital payment methods, we are dedicated to creating new technologies and offering creative solutions that will improve the payment experience. Future generations will have access to powerful and user-friendly family financial management apps thanks to our cooperation with Ingiz, according to Inji Borai, Mastercard’s country manager for Egypt and North Africa.

We want to develop a cutting-edge solution with Mastercard that will promote financial inclusion and, in turn, financial literacy in Egypt. According to Sherif Ramadan, CEO of Ingiz, “the partnership will enable us to provide an unmatched financial education experience that equips our youth for a better tomorrow.”

The future of the partnership on Ingiz 

Additionally, Ingiz and Masria Digital Payments (MDP) have teamed to enable Ingiz to use MDP’s experience as a top processor. By utilising Mastercard technology on MDP platforms to offer a smooth payment solution, this move will increase the market reach of Ingiz and further solidify their relationship with MDP. Ingiz is also a member of the MV Builder II programme, which was started by Modus, a venture platform that consists of venture building, VC funds, and a Corporate Innovation arm to promote digital inclusion in Egypt by fostering and assisting companies.

Airtel, Mastercard provide mobile money transfers in Africa

About Mastercard

The payments sector’s leading worldwide technology firm is Mastercard. Our goal is to connect and fuel an inclusive, global digital economy by facilitating secure, easy, intelligent, and accessible transactions. Our ideas and solutions assist people, financial institutions, governments, and enterprises in reaching their full potential by utilising secure data and networks, collaborations, and enthusiasm. We are creating a sustainable world that opens up valuable opportunities for everyone through connections spanning more than 210 nations and territories.

Ingiz’s Operations

With its family financial management software, Ingiz aims to change the FinTech environment in Egypt. While giving parents extensive monitoring capabilities for supervision and control, Ingiz’s gamified in-app features enable adolescents to earn, save, and spend money.

Tags: EgyptMastercard
Ibukunoluwa Bankole

Ibukunoluwa Bankole

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