Forbes Middle East sat down for an exclusive interview with the global CEO of Mastercard, Ajay Banga, in Cairo.
Mastercard is aiming to create a more efficient environment for transaction processes both in Egypt and globally. The company has been creating a number of incentives to drive innovation and create more transaction efficiency.
Despite being renowned for their credit cards, Banga stressed that Mastercard is not a credit card company. “That is one thing that gets me the most,” says Banga. “People think we’re a credit card company. I actually don’t issue a single card. All I’m bothered about is being in the transaction flow because I’m really a payments technology and data firm, I’m really not a card company even though my name is Mastercard.”
In Egypt, Mastercard wants to create change in the financial sector in order to create more financial technology inclusion in the country.
“So what we’re trying to do in Egypt for example,” explains Banga. “Is, let’s say, you want to pay your customs duties as an SME or a corporate, you earlier had to find all kinds of laborious ways to do it now you can do it electronically through our system, nothing to do with the card.”