EGYPT – Mastercard, multinational financial services corporation, has announced a partnership with Telda, Egypt’s first of its kind payment app.
This partnership is set to promote the country’s digital transformation and bring Egypt closer to its vision of becoming a digital economy, particularly benefiting new segments through an innovative consumer experience.
Mastercard will also enable Telda to issue prepaid cards to its customers and facilitate transactions through Mastercard’s payment processing services.
The Telda App offers users multiple features including sending and receiving money and is the first in the market to allow a full digital card payment experience with the click of a button, and without users requiring a bank account.
“We are delighted to join forces with Telda to introduce the first money app in Egypt. This milestone further promotes the digital transformation of the Egyptian economy and allows us to offer consumers a secure, convenient and seamless experience for their payment transactions from the comfort of their own homes,” said Mohamed Assem, Country Manager Egypt, Mastercard.
“This milestone further promotes the digital transformation of the Egyptian economy.”Mohamed Assem – Country Manager Egypt, Mastercard
“We at Mastercard recognize our role and responsibility in supporting the Egyptian Government’s efforts towards an all-inclusive digital economy, and we are delighted to further advance this agenda through our partnership.”
Customers will be able to move funds in a few simple steps. Users will also be able to control their prepaid account with money management features that allow them to stay on top of their finances with simplicity and ease.
“Telda is a financial brand built for Millennials and GenZ to deliver a more efficient banking experience. We are bringing a better way to manage money in an alternative to the traditional payment system. Telda is changing the way people feel about and make payments – it simply is the first money app in Egypt,” said Ahmed Sabbah, Co-Founder & CEO, Telda.
“Open for new products and technologies, Mastercard was the best partner we could hope for in order to build Egypt’s first of its kind solution,” added Sabbah.
Through this partnership, Mastercard is further cementing its position as a leading technology provider and enabler for almost all digital first-use cases. Along with its Fintech partners, Mastercard is continuing to reshape the face of digital payments and virtual banking across the region.
Meanwhile, Mastercard has announced the appointment of Victor Ndlovu as Director, Country Business Development Lead for East Africa.
Victor is a seasoned business leader with close to three decades of solid experience in the fintech, banking, and payments industry.
He joins Mastercard from South Africa’s fintech firm Ukheshe, where he spearheaded the fintech’s presence in Africa with deals at KCB Bank and Ecobank Pan Africa.
In his new role, Victor is responsible for growing Mastercard’s regional footprint in the East Africa region through increasing market share, driving market acceptance, and increasing the number of customer touchpoints.
Prior to Ukheshe, Victor held various roles in the financial industry in East Africa, working across multiple markets including Kenya, Tanzania, Uganda, Rwanda, South Sudan, Somalia, and the Comoros.
Victor also spent time at the Standard Chartered Bank Zimbabwe’s Card & Retail segments and the Commercial Bank of Zimbabwe’s Electronic Payments & Card Services departments.
Between 2007 and 2008 Victor was elected Chairperson of the Zimbabwe Plastic Card Industry.
He holds a Bachelor of Commerce degree in Economics and Business Management from the University of South Africa.