Visa and MDP announced their strategic partnership on Tuesday to enhance the fintech sector in Egypt. This collaboration aims to empower fintech companies and non-bank financial institutions (NBFIs) by providing the necessary tools, security, and scalability to thrive in the digital payments ecosystem.
Empowering fintech growth
The partnership combines MDP’s comprehensive payment processing and issuing capabilities with Visa’s extensive global network. MDP has a proven track record of supporting over 40 fintechs in the region, while Visa brings its unparalleled resources and network to connect issuers with fintechs, promoting a seamless financial ecosystem.
Ahmed Nafie, CEO of MDP, noted, “As we looked towards the future back in 2020, we recognised the increasing demand for our digital payment solutions from fintechs. Since then, MDP has successfully enabled and empowered over 40 fintechs in the region, demonstrating our expertise in delivering comprehensive payment solutions. This partnership with Visa represents a significant milestone in our journey, allowing us to further enhance our payment-enabling solutions to better serve the fintech industry”.
Malak El Baba, Vice President and Egypt Country Manager for Visa, emphasised, “As a leader in digital payments, we are committed to empowering fintechs in Egypt to realise their full potential and promote financial inclusion. Fintechs are at the forefront of innovation within the payments ecosystem, and our partnership with MDP is designed to expand the sector by enabling these companies to effortlessly launch their payment products, thereby providing enhanced payment services in a shorter timeframe”.
Enhancing financial inclusion
This collaboration underscores the importance of financial inclusion in Egypt’s evolving fintech sector. By leveraging their combined strengths, Visa and MDP aim to create a robust financial ecosystem that fosters innovation and growth, benefiting consumers, businesses, and the broader economy.
Financial inclusion in Egypt has grown substantially, with the number of financially included citizens increasing by 181 per cent between 2016 and June 2024. This partnership will equip fintech firms with essential tools to excel in digital payments.