Cairo – Mubasher: Abu Dhabi Islamic Bank-Egypt (ADIB Egypt) teamed up with SimpliFi, a Cards as a Service (CaaS) platform in MENA and Pakistan, to scale up the digital payments ecosystem in Egypt.
The collaboration came in line with the bank’s objective to expand its portfolio and enhance its digital solutions, according to a recent press release.
Through the partnership, firms in the Arab Republic will be able to issue, manage, and run their own card programmes.
Mohamed Aly, CEO and Managing Director of ADIB-Egypt, said: “[The collaboration] allows us to empower Egyptian companies by issuing payment cards as a gateway to more integrated financial digitisation, aligning with the Central Bank of Egypt’s (CBE) vision towards expanding the efficiency and use of e-payments.”
Ahmed Effat, Consumer Banking Head at ADIB-Egypt, noted: “Our partnership with SimpliFi is a pivotal step along our digitisation journey.”
Effat elaborated: “Its value is not only limited to leveraging the company’s integrated expertise in technology and digital payments but will include its extensive network of relationships with companies in Egypt as well as startups across [MENA] that are looking to enter the Egyptian market.”
During the first half (H1) of 2022, the lender registered consolidated net profits worth EGP 1.01 billion, an annual hike of 48.40% from EGP 680.15 million, including minority interest.
