Mastercard today announced a new collaboration with Lebanon’s Central Bank (Banque du Liban), stakeholders across the ecosystem, aimed at accelerating digital payment acceptance across Lebanon, with a particular focus on empowering small and medium-sized enterprises (SMEs) and women entrepreneurs. As part of the collaboration, Mastercard will support programs that promote digital payment acceptance, financial inclusion and business growth across the country.
The collaborations reflects Mastercard’s continued efforts to help expand digital payment acceptance and enabling businesses to participate more fully in the digital economy and access new opportunities for growth, Mastercard said in a statement
“At Mastercard, we believe that acceptance is the foundation of a thriving digital economy,” said Mohamed Assem, country manager for Egypt, Lebanon and Iraq, Mastercard. “Through this collaboration with Banque du Liban, we are supporting SMEs and women entrepreneurs access the tools, capabilities and resources they need to embrace digital payments, reach more customers and participate more fully in the digital economy.”
Expanding digital payment acceptance can help small businesses operate more efficiently, increase resilience and unlock access to broader commercial opportunities. By focusing on SMEs and women-led businesses, the collaboration seeks to promote greater financial inclusion while supporting sustainable growth in the Country.
The Lebanese banking system collapsed and the local currency lost nearly all of its value following the 2019 financial crisis.
Lebanon operates largely as a physical cash and dollar-based economy because the banking system collapsed and the local currency lost 99% of its value following the 2019 financial crisis.
Traditional banking tools like credit cards and checks are mostly useless for daily purchases. Businesses rely on cash-counting machines.
Billions of dollars in older bank accounts remain locked, destroying public trust.
Mastercard
