The partnership is in line with Egypt’s 2030 vision, which seeks to fast-track the nation’s digital transformation . Credit: Mini Onion / Shutterstock.

Mastercard has partnered with eNovate, previously known as eCards and subsidiary of eFinance Investment Group, to introduce a Card-as-a-Service (CaaS) solution to the Egyptian market. 

The CaaS approach  offers various entities including banks, non-financial institutions, universities, and fintech companies with a host of digital payments services, according to a press release posted on Zawya. 

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The collaboration will enable eNovate to leverage Mastercard’s expertise in payment technology, strengthening its position in developing ready-to-market hubs that drive digital payments adoption across Egypt and the broader region. 

The CaaS model provides a comprehensive platform for technology infrastructure and white-label solutions, allowing banks, non-financial institutions, and fintechs to effortlessly create and launch innovative, scalable products with faster time-to-market.

This includes seamless integration of prepaid cards and customizable white-label wallet solutions. At the same time, consumers gain easy access to personalized digital financial products, such as youth and family banking options.  

The partnership is in line with Egypt’s 2030 vision, which seeks to fast-track the nation’s digital transformation and the growth of a digital economy.  

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Mastercard vice president and West Arabia Division president Adam Jones said: “At Mastercard, payment modernization is one of our top priorities in providing market-ready services and platforms. Our collaboration with eNovate will help deliver innovative platforms and offer businesses out-of-the-box digital solutions that can be implemented to develop scalable, seamless and secure solutions to their customers.” 

eNovate CEO Nashwa Kamel said: “This collaboration will equip businesses with the necessary digital solutions and capabilities to enhance their competitiveness, speed, efficiency, and reliability of the financial services they offer to their customers.” 

Earlier this month, Mastercard also entered into a public-private collaboration with the Arab Regional Payment System, Buna, to enhance payment services in the Middle East and North Africa (MENA) region.