Industrial Development Bank and ElTarek Launch Co-Branded Mastercard for Egypt’s Automotive Sector

Industrial Development Bank (IDB) has signed a cooperation protocol with ElTarek for Automotive and Mastercard to launch a suite of co-branded credit cards in Egypt. This move signals a deeper integration of financial services into the automotive retail journey, offering fintech professionals a clear example of how traditional banks are leveraging high-value consumer sectors to drive digital payment adoption.

What was announced

Industrial Development Bank (IDB) has signed a cooperation protocol with ElTarek for Automotive Trading, Importing and Distribution to launch a new series of co-branded Mastercard credit cards. The partnership is designed to provide specialized financial products to ElTarek’s customer base, which includes both new vehicle buyers and existing customers utilizing the company’s service centers.

The new card lineup will be issued across three distinct tiers: Titanium, Platinum, and World Elite. Each tier offers a different level of benefits provided by the three participating entities. For high-end users, the World Elite Mastercard provides access to "The Mastercard Collection," a global suite of premium benefits. This includes priority access to restaurants, exclusive entertainment experiences, and enhanced airport journeys across various international destinations.

The initiative is part of IDB’s broader strategy to expand its retail banking business and transition more consumers toward digital payment solutions. By integrating banking products into the automotive purchase and maintenance journey, the bank aims to reach new customer segments through tailored, innovative solutions. Prospective cardholders can apply for the new products through IDB’s branch network or directly at ElTarek showrooms.

"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. Our partnership with ElTarek, a leading company in the automotive market, reflects our commitment to reaching new customer segments through innovative solutions."

Hussein Refaie, CEO and Managing Director of Industrial Development Bank

The companies involved

ElTarek for Automotive Trading, Importing and Distribution is a prominent entity in the Egyptian automotive sector, specializing in the trading, importing, and distribution of vehicles. The company’s business model extends beyond sales to include a network of service centers and after-sales support, aiming to maintain long-term relationships with vehicle owners throughout the life of their cars. Tarek Hayman serves as the Head Of Business Development of ElTarek for Automotive.

Mastercard is a global technology leader in the payments industry, operating a vast network that connects billions of consumers and thousands of financial institutions. The company has a significant presence in the Middle East and North Africa, where it focuses on scaling digital payment infrastructure. Mohamed Assem serves as Senior Vice President and General Manager for the region including Egypt, Iraq, and Lebanon.

Industrial Development Bank, also known as the Industrial Development and Workers Bank of Egypt, is a financial institution focused on supporting industrial growth and providing retail banking services. Under the leadership of CEO and Managing Director Hussein Refaie, the bank has been actively diversifying its product portfolio to include more customer-centric digital solutions and strategic partnerships across key economic sectors in Egypt.

What FF News has reported before

Mastercard has maintained a consistent presence in FF News coverage, with over 1,000 reports detailing its expansion across the Middle East and North Africa. The company has frequently targeted specific consumer verticals, such as when Safwa Islamic Bank and Mastercard Launch Shiffa Card for Sharia-Compliant Healthcare Payments. Its efforts to modernize regional payment infrastructure include the Launch of Samsung Pay in Morocco to Drive Digital Payment Adoption and a collaboration to Launch Agentic Commerce for Bahraini Merchants in Bahrain. Furthermore, Mastercard has reinforced its role in the travel and wholesale sectors by moving to Renew Partnership to Scale B2B Travel Payments Across MENA with INFINIOS.

What this means

This move signals a shift toward high-value embedded finance in the Egyptian market. By partnering with a major automotive distributor, Industrial Development Bank is positioning itself at the point of sale for one of the largest purchases a consumer makes. This strategy places significant pressure on traditional retail banks that rely on generic credit products without industry-specific perks. It also highlights Mastercard’s continued dominance in the region’s premium card segment. The central question for the sector is whether these co-branded models will successfully convert one-time car buyers into long-term banking customers, or if the benefits will remain confined to the automotive lifecycle.