MDP, a leading payment enabler, and Visa, a global leader in digital payments, unveiled a groundbreaking partnership designed to empower fintechs and NBFIs throughout Egypt to seamlessly deploy their financial services and drive significant growth and innovation within the market, Invest-Gate reports.
This partnership underscores the critical importance of fostering financial inclusivity and innovation in Egypt’s rapidly evolving fintech landscape. Together, they aim to transform Africa’s financial landscape, unlocking economic opportunities, fostering growth, and connecting markets across the continent.
By establishing a strong foundation in Egypt, this collaboration seeks to spark a wave of fintech development and inspire future partnerships, envisioning a continent where innovation empowers individuals to thrive in a digital economy.
MDP, with its comprehensive suite of payment processing and issuing capabilities, has a proven track record of empowering over 40 fintechs in the region. This expertise, combined with Visa’s unparalleled resources and extensive global network, serves as a crucial payment channel, connecting issuers with fintechs and promoting a seamless financial ecosystem.
The partnership will provide fintech companies with the necessary tools, security, and scalability to thrive in the digital payments ecosystem.
The collaboration between Visa and MDP not only highlights the commitment of both organizations to driving financial inclusion but also emphasizes the transformative impact this partnership will have on the Egyptian market. By leveraging their combined strengths, Visa and MDP aim to create a robust and seamless financial ecosystem that fosters innovation and growth, ultimately benefiting consumers, businesses, and the broader economy.
Ahmed Nafie, CEO of MDP, commented, “As we looked to the future back in 2020, we recognized the rising demand for our digital payment solutions from fintechs. Since then, MDP has successfully enabled and empowered over 40 fintechs in the region, showcasing our expertise in delivering end-to-end payment solutions. This partnership with Visa marks a significant milestone in our journey, as we will be able to further enhance our payment-enabling solutions to better serve the fintech industry.”
Malak El Baba, Vice President and Egypt Country Manager at Visa, stated, “As a leader in digital payments, we’re committed to empowering fintechs in Egypt to achieve their full potential and drive financial inclusion. Fintechs are at the forefront of innovation in the payments ecosystem, and our partnership with MDP aims to grow the sector by enabling fintechs to seamlessly launch their payment products, allowing them to deliver better payment services in less time.”