Industrial Development Bank (IDB) has signed an agreement with ElTarek for Automotive to issue co-branded Mastercard in Egypt.

The credit cards will be open to ElTarek clients, such as new car buyers and those who use its service centres.

Three tiers will be offered, namely Titanium, Platinum and World Elite. Each IDB ElTarek Mastercard credit card comes with offers and benefits from all three partners.

World Elite holders will gain access to The Mastercard Collection. It covers dining, travel, airport and event benefits in the places that take part.

IDB said the deal is part of its plan to widen its range of products and reach more clients.

The bank also aims to form new partnerships. It expects the cards to help grow its retail business and the use of digital payments.

“This protocol marks an important step in the bank’s strategy to strengthen its presence in retail banking and introduce products that directly address our customers’ needs,”

said Hussein Refaie, CEO and Managing Director at IDB.

“Through our collaboration with IDB and ElTarek, we are combining our technology and expertise with tailored benefits to deliver secure, seamless and rewarding payment experiences for car owners – from vehicle purchase to everyday spend – while supporting the continued growth of Egypt’s digital economy,”

said Mohamed Assem, Country Manager for Egypt, Iraq, Lebanon and Syria at Mastercard.

ElTarek, which serves car owners through its service centres, said the card adds a banking product to that relationship.

Mastercard said digital payments are becoming more closely tied to each step of the customer journey. It aims to serve car owners from buying a car to daily spending.

Clients can apply at IDB branches and ElTarek showrooms.

Featured image: Edited by Fintech News UAE, based on image by Mastercard via its website.