Mastercard and MDP Forge Strategic Partnership to Offer Payment Solutions in Middle East and Africa

In a significant move aimed at transforming the payment landscape across the Middle East and Africa, Mastercard has joined forces with payment processing company MDP. This collaboration holds the promise of enhancing payment services for banks as well as non-financial institutions (non-FIs) operating within the region, as highlighted in The Fintech Times News.

MDP has ambitious plans following this partnership, with the primary goal of establishing itself as a comprehensive processing services hub. This strategic move involves incorporating Mastercard’s robust digital assets and white-label applications into its existing suite of products, effectively offering a one-stop solution to its clients.

Ahmed Nafie, the CEO of MDP, expressed his enthusiasm for the partnership, stating, «By bundling Mastercard’s digital assets with our products, we are offering issuer banks the ability to roll out new segment-focused solutions, like youth banking, family banking, and digital lending. We are also empowering fintech, mobile network operators, and the wider non-FIs segment companies to quickly get to the market by providing them with Mastercard’s unique propositions with the lightest touch from their side.»

This collaboration is perfectly aligned with Mastercard’s dedication to fostering a robust digital economy in the Middle East and Africa through strategic partnerships. Gaurang Shah, Executive VP of Product and Engineering for Eastern Europe, Middle East, and Africa at Mastercard, remarked, «Our collaboration with MDP will equip businesses with innovative payment solutions that allow them to participate in digital commerce and drive financial inclusion.»

The partnership between Mastercard and MDP aims to streamline various financial services, including SME lending and consumer lending, or the increasingly popular «buy now, pay later» model. It will also provide accessible credit options through mobile applications. Furthermore, the collaboration is set to venture into more cutting-edge areas such as AI health and fitness and sustainability.

Fintech companies stand to gain significantly from this partnership, as it opens up avenues for card-as-a-service (CaaS) and sandbox capabilities. Meanwhile, non-FIs and telecommunication companies will be able to offer white-label apps to their subscribers, overcoming challenges such as BIN sponsorship through the CaaS enablement program provided by MDP.

The Mastercard and MDP partnership promises to bring about a revolution in payment solutions across the Middle East and Africa, benefiting both financial institutions and non-FIs, while also driving innovation and financial inclusion in the region.