Mastercard has teamed up with payment processing company MDP to boost the payments landscape for banks and non-FIs in the Middle East and Africa region.
Following the partnership, MDP aims to establish itself as a comprehensive processing services hub, incorporating Mastercard’s digital assets and white-label applications into its product suite, providing a one-stop solution for clients.
Ahmed Nafie, CEO, MDP, commented: “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.”
According to Mastercard, the strategic alliance is in line with its commitment to fuelling a strong digital economy in the Middle East and Africa region through partnerships.
“Our collaboration with MDP will equip businesses with innovative payment solutions that allow them to participate in digital commerce and drive financial inclusion,” said Gaurang Shah, executive VP, product and engineering, Eastern Europe, Middle East and Africa, Mastercard.
The collaboration aims to streamline SME lending and consumer lending or buy now pay later, and provides accessible credit options via mobile apps, in addition to extending into more innovative areas, like AI health and fitness and sustainability.
Fintech companies could benefit from card-as-a-service (CaaS) and sandbox capabilities. Meanwhile, non-FIs and telecommunication companies can offer white-label apps to their subscribers overcoming associated hurdles such as BIN sponsorship, which will be available through the CaaS enablement programme with MDP.
