IDB and ElTarek Launch Co-Branded Mastercard Credit Cards in Egypt

The Industrial Development Bank (IDB) has partnered with ElTarek for Automotive Trading, Importing and Distribution to launch co-branded Mastercard credit cards, marking the first collaboration between the two companies. The cards will be available in three tiers: Titanium, Platinum, and World Elite, and will offer a range of benefits and privileges provided by IDB, ElTarek, and Mastercard. This partnership aims to enhance the everyday payment experience of ElTarek customers, including new car buyers and service centre customers.

The co-branded Mastercard credit cards will provide cardholders with various offers and privileges, including access to The Mastercard Collection, a suite of premium dining, entertainment, and travel benefits. World Elite Mastercard cardholders will have access to curated experiences at participating destinations worldwide, both at home and while travelling. This includes priority access to sought-after restaurants, exclusive entertainment experiences, and enhanced airport services.

The partnership between IDB and ElTarek reflects IDB's commitment to diversifying its banking products and services, expanding its customer base, and developing strategic partnerships across key economic sectors. The initiative also supports the growth of IDB's retail banking business and the transition towards digital payments through innovative, customer-focused solutions. According to Hussein Refaie, CEO and Managing Director of IDB, the partnership with ElTarek is an important step in the bank's strategy to strengthen its retail banking presence.

Hussein Refaie stated that the bank is focused on providing a seamless experience, from the application process to everyday card use, while ensuring that cardholders derive tangible value from the product. He added that IDB, together with ElTarek and Mastercard, remains committed to providing a secure and reliable payment experience. Tarek Hayman, Head of Business Development at ElTarek for Automotive, expressed interest in building on the partnership and exploring further opportunities for cooperation.

Tarek Hayman noted that ElTarek's relationship with customers extends well beyond vehicle delivery, as the company seeks to build lasting relationships throughout the vehicle ownership journey, including through its service centres and after-sales services. The collaboration enables ElTarek to offer a banking product that adds further value to its relationship with customers. Mohamed Assem, Country Manager for Egypt, Iraq, Lebanon, and Syria at Mastercard, highlighted Egypt's evolving payments landscape, with digital payments becoming increasingly integrated into the customer journey.

Mohamed Assem stated that through its collaboration with IDB and ElTarek, Mastercard is combining its technology and expertise with tailored benefits to provide secure, seamless, and rewarding payment experiences for car owners, from vehicle purchases to everyday spending. The partnership supports the continued growth of Egypt's digital economy. Customers interested in obtaining the cards can apply through IDB branches and ElTarek showrooms.

The partnership between IDB, ElTarek, and Mastercard is a significant development in Egypt's banking and payments sector, reflecting the growing trend towards digital payments and strategic partnerships. The co-branded Mastercard credit cards are expected to provide customers with a secure, reliable, and rewarding payment experience, while supporting the growth of Egypt's digital economy.

Key points

• The partnership aims to enhance the everyday payment experience of ElTarek customers.
• The cards will be available in three tiers: Titanium, Platinum, and World Elite.
• The initiative supports the growth of IDB's retail banking business and the transition towards digital payments.