eNovate, a subsidiary of eFinance Investment Group and formerly known as eCards, has entered into a strategic collaboration with Mastercard to introduce the innovative Card-as-a-Service (CaaS) solution to the Egyptian market. This partnership aims to empower banks, non-financial institutions, universities, and fintechs with an extensive suite of digital payment services.
Through this collaboration, eNovate will harness Mastercard’s expertise in payment technology to solidify its role as a hub for businesses looking to adopt and scale digital payments across Egypt and the wider region.
The CaaS model delivers a comprehensive, ready-to-deploy infrastructure, offering banks and fintechs the tools to seamlessly create and launch scalable, market-ready financial products. Key offerings include prepaid card integration and customizable white-label wallet solutions, enabling faster time-to-market. For consumers, the model promises enhanced access to tailored digital financial products, such as youth and family banking solutions.
Ibrahim Sarhan, Chairman and Managing Director of eFinance Investment Group for Financial and Digital Investments, expressed:
“At eFinance and its subsidiaries, we continually expand our service portfolio to provide cutting-edge digital financial solutions for both local and international markets. Our partnership with Mastercard will empower businesses to adopt the latest financial regulations endorsed by the Central Bank of Egypt and the Financial Regulatory Authority, enhancing digital financial services and driving financial inclusion and digital transformation across Egypt.”
Adam Jones, Executive Vice President and Division President for West Arabia at Mastercard, added:
“Payment modernization is a top priority for Mastercard. Our partnership with eNovate is focused on delivering innovative platforms and out-of-the-box digital solutions, helping businesses scale seamlessly and offer secure financial services to their customers.”
Nashwa Kamel, CEO of eNovate, commented:
“This partnership with Mastercard marks a significant milestone in advancing digital financial services in Egypt. By equipping businesses with essential digital tools and capabilities, we aim to enhance their competitiveness and improve the speed, efficiency, and reliability of the financial services offered to customers.”
The initiative aligns with Egypt’s Vision 2030 strategy, which emphasizes accelerating the country’s digital transformation and fostering a robust digital economy. By co-developing forward-thinking payment solutions, this collaboration aims to meet the dynamic needs of consumers and businesses alike.
