ACUD, MasterCard discuss turning New Capital into cashless city

Shaimaa Al-Aees
2 Min Read

Delegations from the Administrative Capital for Urban Development (ACUD) and Mastercard met to discuss the latest developments in the latter’s project in the New Administrative Capital (NAC) .

The project is scheduled for inauguration next October, and aims to make the NAC the first cashless city in Egypt.

The delegations were headed by ACUD Chairperson Ahmed Zaki Abdeen and Khalid Elgibali, MasterCard Division President for the Middle East and North Africa (MENA) region.

Elgibali praised the meeting outcomes and noted that the implementation of the electronic payment solutions in the NAC is a major transformation, which will have  positive impacts on Egypt’s economy. 

He noted that Egypt and Africa are important markets to MasterCard, and that the company is willing to invest in supporting these markets through the provision of innovative digital solutions and the facilitation of the digital transformation. 

MasterCard had signed a cooperation agreement with the Egyptian Government to implement electronic payment solutions in the NAC, making it the first integrated smart city in Egypt. 

City Possible is a model gathering an extensive network of 240 cities in addition to other cities eligible to join this network. MasterCard is assisting more than 500 cities in 50 countries around the world to achieve sustainability and financial inclusion. This is taking place by improving their infrastructure efficiency and economic growth through digitisation.

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