Smart cards manufacturer MDP plans to invest $2 mln in Egyptian market
Nafie made his statements to Ahram Online on the sidelines of the announcement of its cooperation with the financial technologies provider Telda on Sunday.
MDP’s factory in 10th of Ramadan City, which was established in 2003, has a maximum production capacity of 45-50 million smart cards annually.
MDP mainly specializes in producing smart payment cards and providing payment solutions.
The factory aims to increase its production volume by 20 percent, reaching 36 million cards by the end of this year, up from 30 million in 2023, Nafie added.
Egypt is among the top three markets for electronic payments in Africa, alongside South Africa and Nigeria.
MDP and Telda have announced the unveiling of two exclusive Telda prepaid cards in Egypt; Plus and Premium.
Nafie also stated that his company is considering the potential of entering the markets of the Arabian Gulf, East Asia, and Europe.
Established in 2003, MDP became the first smart card manufacturer in Egypt and the Middle East and has since evolved into a provider of electronic payment solutions. In 2004, the company successfully obtained a licence to produce smart cards for major global companies like Visa and MasterCard, continuing until 2010.
MDP's production was initially focused on smart cards for government use, such as ration cards and metro cards, as well as other smart government projects.
The company's total foreign investment value is approximately $20 million.
Egypt’s financial inclusion landscape has grown by 147 percent to reach 47 million citizens between 2016 and 2024, according to the latest data published by the Central Bank of Egypt (CBE).
The launch of the Meeza Digital system for mobile wallets in 2017 has contributed to the increase in the number of electronic wallets, now exceeding 36 million.
The number of bank cards has risen to 62 million by the end of September 2023. The total value of electronic payments in Egypt reached 2 trillion Egyptian pounds by the end of 2023.