API infrastructure company, M2P Fintech, has received Central Bank of Egypt authorisation to process card transactions for banks based in Egypt, the company has announced.
The approval is seen as a significant turning point in the digital payments space as the firm looks to drive adoption of financial inclusion solutions targeted at the underbanked population in Egypt.
M2Pfintech said in a statement that it expects the endorsement to act as a catalyst for transformation, enabling the digitisation of payments and extending financial services to individuals who have traditionally been underserved by the banking sector.
Founded in 2014, the company is headquartered in India and offers a range of services that enable businesses of any scale to embed financial services. M2P is an omni-channel platform that provides the necessary technology to power the core banking system, core lendingsuite, BNPL, customized credit cards and prepaid cards among others.
Speaking on the announcement, Ms. Vaanathi Mohanakrishnan–Business Head, MENA, M2P Fintech said: “We are honoured to receive the Central Bank of Egypt’s endorsement, which underscores our commitment to advancing financial and digital transformation. Egypt is one the largest markets in the Middle East and North Africa regions and presents a significant opportunity for us at M2P to extend our new-age tech stack.
“We firmly believe that access to digital payments is a fundamental right andour partnership with banks will enable us to empower the market. We look forward to Central Bank of Egypt’s continued patronage and are excited to unlock the opportunity that the market offers.”
