According to a press release published by the companies on Sunday (Aug. 27), the collaboration plans to establish a digital payments application that would promote financial knowledge and inclusion among Egypt’s youth, a market area that has mainly remained untapped and ignored.
Ingiz offers prepaid cards, according to the press release, to assist parents and their children in managing their finances. The company encourages young users to earn, save, and spend money using gamified in-app features, while also offering parents with non-invasive monitoring tools.
According to the news announcement, Ingiz plans to expand its portfolio of financial solutions for children by leveraging Mastercard’s digital payment technology.
According to the statement, the collaboration between Mastercard and Ingiz aims to improve payment processing and broaden the app’s reach to a diverse range of merchants and customers, hence accelerating Ingiz’s growth and market expansion.
In the announcement, Ingiz CEO Sherif Ramadan emphasized the importance of financial inclusion and literacy in Egypt, as well as the company’s goal to build a next-generation solution in collaboration with Mastercard.
“The partnership will enable us to offer an unparalleled financial education experience that prepares our youth for a brighter tomorrow,” he said in a statement.
According to the release, Ingiz has teamed with Masria Digital Payments (MDP), a leading processor, to increase Ingiz’s market reach by employing Mastercard technology on MDP platforms.
