MDP, a prominent player in the payment enabling sector, has joined forces with Visa, a global frontrunner in digital payments, to announce a transformative partnership aimed at empowering fintech companies and non-bank financial institutions (NBFIs) across Egypt. This collaboration is designed to facilitate the seamless deployment of financial services, driving substantial growth and innovation within the Egyptian market, as reported by Invest-Gate.
This partnership highlights the vital role of promoting financial inclusivity and fostering innovation within Egypt’s rapidly advancing fintech landscape. Together, MDP and Visa aspire to reshape the financial terrain of Africa, unlocking economic opportunities, stimulating growth, and enhancing connectivity across markets on the continent.
By laying a robust foundation in Egypt, this alliance aims to ignite a surge of fintech development and inspire future collaborations, envisioning a continent where innovation enables individuals to prosper in a digital economy.
MDP brings to the table a comprehensive suite of payment processing and issuing capabilities, having successfully empowered over 40 fintechs in the region. This extensive experience, coupled with Visa’s unmatched resources and vast global network, establishes a crucial payment channel that connects issuers with fintechs, thereby promoting a cohesive financial ecosystem. The partnership will equip fintech companies with essential tools, security measures, and scalability options necessary for thriving in the digital payments landscape.
The collaboration between Visa and MDP not only underscores the dedication of both organizations to advancing financial inclusion but also highlights the transformative potential this partnership holds for the Egyptian market. By leveraging their combined strengths, Visa and MDP aim to cultivate a robust and seamless financial ecosystem that encourages innovation and growth, ultimately benefiting consumers, businesses, and the wider economy.
Ahmed Nafie, CEO of MDP, remarked;
As we looked towards the future back in 2020, we recognized 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 at Visa, expressed;
As a leader in digital payments, we are committed to empowering fintechs in Egypt to realize 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.
