MasterCard and Etisalat receive recognition for financial inclusion efforts in Egypt

Aiding financial inclusion

MasterCard and Etisalat have been recognized for their efforts in Egypt at the Mobile Money Global Awards 2013 for the Best Mobile Money Deployment in the Middle East. The Awards ceremony was held yesterday at the Dubai World Trade Centre.

MasterCard and Etisalat, along with National Bank of Egypt (NBE) launched the mobile payment wallet titled “flous” in Egypt in June 2013, bringing Etisalat Egypt’s subscriber base safe and convenient payment services through the power of their mobile phones. The program represents the world’s first ever interoperable Arabic mobile money program, and is the first implementation of the Mobile Payment Solution that MasterCard and Egyptian Banks Company (EBC) introduced to over 90 million mobile users in the Egyptian market.

“Flous”, which means money in Arabic, uses the Etisalat mobile network and can be deployed on any mobile phone. The first phase of this program allows subscribers to transfer money to anyone participating in the service using their mobile phones, and to load cash on their phones or take out cash through Etisalat branches and NBE branches across Egypt. The second phase of the program allows subscribers to pay their bills through their mobile phones, top up their mobile prepaid lines, and pay for goods and services at several merchants’ locations in Egypt, in addition to using it for e-commerce payments globally.

“We are very pleased to receive this award and be recognized for our efforts to further financial inclusion in Egypt and the region. MasterCard is committed to the Middle East region, and our collaborations with Etisalat in Egypt have provided the market with payment solutions that meet the needs and expectations of all consumer segments. With 65% of the population lacking access to formal banking, the mobile phone is rapidly becoming the method of choice for making payments and managing money, resulting in a more financially inclusive society. MasterCard congratulates both Etisalat and NBE for being the first movers in Egypt to leverage this landmark solution and creating a world of opportunities for underserved communities,” said Aaron Oliver, Head of Emerging Payments, Middle East and Africa, MasterCard.

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