Mastercard has partnered with Credit Libanais to enable the
acceptance of inbound cross-border payments through direct bank deposits. The collaboration is a
first in the country as it modernizes remittances and will allow account holders to receive funds swiftly and
securely.
Through this partnership, Mastercard’s technology will enable Credit Libanais to deliver a better
experience for their clients, by simplifying and optimizing the process of cross-border payments. The
advanced solution will allow for the transfer of US dollars from several originating institutions in
12+ countries, to the bank’s clients by leveraging its global network and processing digital
payments through a single connection.
According to the World Bank, Lebanon received $6.6 billion in remittances in 2021, one of the highest
levels in the Middle East and North Africa.
Cynthia El Khoury, Country Business Development Lead, Levant and Iraq at Mastercard said:
“Mastercard Cross-Border Services connects families and friends from all over the world, it empowers
communities and broadens access to financial resources. It is built to improve the payment industry
standards by helping people financially support their loved ones back home and honor business
commitments. Through this partnership with Credit Libanais, our goal is to provide a secure platform
that Lebanese from across the globe can leverage and will be able to assist their families at ease.”
Credit Libanais have further plans to extend support for similar cross-border payments to be credited to
clients at other Lebanese-based banks.
Mrs. Randa Bdeir, Deputy General Manager and Head of Electronic Payment at Credit Libanais said:
“We are delighted of being appointed as Mastercard agent for Inbound cross border services in Lebanon.
This partnership with Mastercard comes at a time of a growing need of Cross-Border payment services in
Lebanon. This collaboration will address a need in the market especially that the rate of digital money
transfer between people has increased, creating new payment model, so we introduced this new
service that will provide the clients of Credit Libanais and other Lebanese banks, a safe and
convenient experience at affordable prices.”
Bdeir added:” Switching more payments out of cash into digital, lowers the cost of payments and
increase the velocity of money in the economy which will be translated directly in the GDP growth.”
In conclusion, backed by the strength of an interconnected banking network and more than 50 years of
experience making payments simple, safe and smart, Mastercard Cross-Border Services allows people
and businesses to send and receive money securely and with certainty all over the world. This
service paired with Mastercard’s multi-rail strategy permits every customer, merchant and government
player, to be seamlessly connected with stakeholders across the digital payment ecosystem.
About Mastercard
Mastercard (NYSE: MA), www.mastercard.com, Mastercard is a global technology company in the
payments industry. Our mission is to connect and power an inclusive, digital economy that benefits
everyone, everywhere by making transactions safe, simple, smart, and accessible. Using secure data and
networks, partnerships and passion, our innovations and solutions help individuals, financial institutions,
governments, and businesses realize their greatest potential. Our decency quotient, or DQ, drives our
culture and everything we do inside and outside of our company. With connections across more than 210
countries and territories, we are building a sustainable world that unlocks priceless possibilities for all.
About Mastercard
Mastercard (NYSE: MA), www.mastercard.com, Mastercard is a global technology company in the
payments industry. Our mission is to connect and power an inclusive, digital economy that benefits
everyone, everywhere by making transactions safe, simple, smart, and accessible. Using secure data and
networks, partnerships and passion, our innovations and solutions help individuals, financial institutions,
governments, and businesses realize their greatest potential. Our decency quotient, or DQ, drives our
culture and everything we do inside and outside of our company. With connections across more than 210
countries and territories, we are building a sustainable world that unlocks priceless possibilities for all.
