Mastercard and MaxAB have signed an agreement to enhance digitization in e-commerce in Egypt
Mastercard has entered into a collaboration agreement with MaxAB, one of the prominent B2B e-commerce platforms in Egypt. The signing took place during the 2023 EDGE Forum in Dubai, aiming to support digitalization and enhance financial inclusion in Egypt.
The collaboration aims to strengthen the MaxAB network, which comprises over 100,000 small and medium-sized enterprises (SMEs), by providing innovative digital payment solutions. These solutions enable merchants to accept contactless payments, contributing to complete process digitalization and broadening the scope of benefiting companies. Moreover, they reduce reliance on cash, mitigate settlement issues and fraud, while enhancing operational efficiency.
Bilal El-Megharbel, CEO of MaxAB, expressed confidence in the significance of this partnership in digitizing payment cycles and accelerating expansion efforts.
Meanwhile, Gurang Shah, Executive Vice President of Product and Engineering for Middle East, East Europe, and Africa at Mastercard, emphasized the importance of markets responding to the needs of value chains in the digital era. He highlighted the significance of enhancing contactless acceptance solutions to enable companies to grow and expand.
This agreement aligns with Mastercard’s global strategy to support 50 million small and medium-sized enterprises in transitioning to the digital economy by 2025. The focus remains on providing digital solutions that contribute to business growth and foster innovation.
This step underscores Mastercard’s commitment to providing innovative solutions and supporting digitalization, contributing to economic growth and achieving financial sustainability in Egypt.
