OPay intends to establish digital bank in Egypt

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OPay has announced its intention to apply for a digital bank licence in Egypt with a capital of $60m.

The company said that this step came within the framework of OPay’s commitment to its role in developing the Egyptian digital economy, supporting the Egyptian state’s plans towards digital transformation, strengthening the principles of financial inclusion, and building a society less dependent on cash transactions, using the best, fastest and safest financial technology solutions in the Egyptian market provided by Opay, along with its experience in the field of digital transformation in the Middle East, North Africa, Nigeria, and Pakistan.

OPay aims to enhance its services with innovation and the latest technological solutions to meet the needs of the Egyptian market, and to facilitate the conduct of financial and banking transactions for customers, as the company will work through the digital bank to provide lending, savings and card services via the Internet without the need for customers to go to branches, in addition to Opay services to accept payments such as points of sale, digital payment gateway, and electronic wallets.

Mahmoud Khedr, Head of Business Development and Strategic Partnerships Sector at OPay, said: “We are excited to obtain a license to establish a digital bank in Egypt, and to work hand in hand with the Central Bank of Egypt and all relevant authorities to start this step, which represents a new beginning to keep pace with global developments in the field of financial technology. Opay is qualified to make a breakthrough in this industry, as we have 5 years of experience in the financial technology sector in the countries in which we operate, which represents a real impetus for us towards achieving success and achievement in Egypt.”

He added: “We achieved great successes last year, as the value of our sales in the region amounted to more than $50bn, while the number of users of the Opay application in all countries reached about 30 million users, and we aspire to exceed these numbers in the current year and achieve unprecedented record rates.”

Khader said: “We extend our thanks to the leaders of the Central Bank for their initiatives to create a supportive climate for the financial technology industry and their directives for advancing the digital economy.”