Egypt Poised to Become the Next Digital Payments Leader in the Middle East after UAE

Digital payments in the Middle East may soon undergo a significant transformation. This is all thanks to the latest collaboration between Mastercard and the local Egyptian bank, Al Baraka.

This collaboration aims to elevate the banking experience in Egypt by introducing new products and services focused on digital payments.

A New Mastercard Partnership for Digital Payments in Egypt

Through the collaboration with Mastercard, Al Baraka Bank aims to expand its financial services, attract new customer segments and meet diverse customer needs with tailored offerings.

According to Abdel Aziz Samir, the Deputy CEO of Consumer Banking at Al Baraka Bank, this partnership will advance digital transformation and financial inclusion in Egypt. It promotes electronic payments and can positively impact the economy.

“Through this collaboration, we aim to expand the range of financial services provided, attract diverse customer segments, and meet all their needs through services and products tailored specifically for them,” Samir added.

According to Statista, the digital payments industry in Egypt has been dynamically expanding in recent years and is projected to reach $20.6 billion this year. The estimates show that the industry is predicted to grow by almost 11% every year, ultimately reaching a value of $31 billion by 2028. For comparison, in the United Arab Emirates, considered the Middle East's financial hub, this value in 2024 is expected to be slightly higher, amounting to $30 billion.