EG Bank, Mastercard join forces to reinforce digital payment services

Updated 6/16/2025 2:15:00 PM

Arab Finance: Egyptian Gulf Bank (EG Bank) has teamed up with Mastercard to boost financial accessibility, expand digital payment adoption, and provide affluent individuals with new segments to the bank’s card portfolio, as per an emailed press release.

The collaboration aligns with EG Bank’s strategy to offer a convenient, seamless, and secure payment experience for its customers.

Under the partnership deal, Mastercard will support the EGX-listed lender in developing its portfolio of debit, credit, and commercial cards, which will secure tailored financial solutions with additional benefits.

The bank seeks to attract new customer segments by offering different banking services to individuals, businesses, and corporations. This is in addition to a wide range of digital banking services, such as mobile banking and internet banking, enabling customers to manage their accounts and conduct transactions remotely.

Mohamed Assem, Country Manager for Egypt, Iraq, and Lebanon at Mastercard, said: “This collaboration underscores our joint commitment to driving the growth of the digital payment ecosystem, unlocking new opportunities for sustainable financial empowerment.”

Yasmeen Galal, Head of Consumer Banking and SMEs at EGBANK, commented: “Our collaboration with Mastercard marks a significant milestone in our strategy to diversify our product offerings and enhance our customers’ banking experience.”

“This collaboration enables us to offer seamless and rewarding financial solutions that meet the evolving needs of today’s consumers while driving long-term growth and innovation in Egypt’s financial landscape,” Galal added.

In the first quarter (Q1) of 2025, EG Bank posted 27% year-on-year (YoY) higher consolidated net profits after tax at EGP 758.713 million in the first quarter (Q1) of 2025, compared to EGP 596.541 million.