As Egypt accelerates its digital transformation, Iraq embarks on its digital payment journey, and Lebanon builds its digital future, Mastercard remains at the forefront of innovation in the financial ecosystem. Mohamed Assem, Mastercard’s Country Manager for Egypt, Iraq, and Lebanon, discusses the company’s pivotal role in shaping digital payment landscapes and enhancing economic resilience in the region.
Mastercard has been integral in building resilient digital payment ecosystems in these countries. In Egypt, the company has introduced groundbreaking initiatives like the first e-debit cards, e-commerce payment gateways, mobile wallets, and the launch of Egypt’s first interoperable mobile payment system. This has helped millions of underbanked Egyptians access financial services, while driving the shift from cash to digital payments. In Iraq, Mastercard is collaborating with key stakeholders to promote financial inclusion and digitisation, while in Lebanon, it is actively working with fintech companies to develop new payment platforms and enhance financial inclusion.
Tokenisation is a key technology that Mastercard uses to enhance transaction security and provide seamless payment experiences. By replacing sensitive card information with unique identifiers or tokens, Mastercard ensures safer online, in-app, and mobile payments. The company has partnered with the Central Bank of Egypt and the Egyptian Banks Company to develop the regulatory framework for tokenisation, and continues to explore opportunities to drive tokenisation in Iraq and Lebanon.
Mastercard is also supporting fintech innovation in the region by empowering companies with the tools, global network access, and expertise to scale efficiently. The company’s fintech programs in Egypt, Iraq, and Lebanon help drive digital inclusion and innovation, from digitising traditional financial models to issuing prepaid cards for youth and supporting the development of new payment platforms.
In response to growing cybersecurity threats, Mastercard leverages AI, biometrics, and tokenisation to protect consumers and businesses from cyberattacks, fraud, and data breaches. The company’s investments in AI, as well as partnerships with organizations like RiskRecon and NuData Security, help strengthen cybersecurity across the digital ecosystem, ensuring a secure digital future for businesses and consumers alike.
