OPay has made public its plan to submit an application for a digital bank licence in Egypt with a capitalization of sixty million dollars.
Using the best, fastest, and safest financial technology remedies in the Egyptian market provided by Opay, in addition to its experience in the field of digital technology, the company said that this step came within the framework of OPay’s commitment to its role in building the Egyptian digital economy, supporting the Egyptian state’s plans towards digital transformation, enhancing the principles of financial inclusion, and building a society that is less dependent on cash transactions.
OPay plans to improve its services by incorporating new ideas and the most recent technological advancements in order to cater to the requirements of the Egyptian market.
Furthermore, in order to make it easier for customers to conduct financial and banking transactions, the company will work through a digital bank in order to offer lending, savings, and card services over the internet rather than requiring customers to physically visit branches. In addition, OPay will offer services to accept payments, such as points of sale, digital payment gateways, and automated teller machines, among other things
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Opay will work with Central Bank of Egypt
Head of Business Development and Strategic Partnerships Sector at OPay, Mahmoud Khedr, said: “We are excited to obtain a licence 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.”
“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.”
“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,” he concluded.
About Opay
OPay is a mobile-based platform that functions as a one-stop shop for payments, transfers, loans, savings, and other critical services for each and every user. At the moment, OPay can brag about having more than 35 million registered app users and 500,000 agents in Nigeria who rely on OPay’s services to send and receive money, pay bills, and carry out a variety of other financial transactions.
OPay Digital Services Limited is a firm that was established by the Opera Norway AS Group. It has a presence in developing economies all over the world, including Mexico, Nigeria, Egypt, and Pakistan, amongst others.
Over sixty percent of people in Africa do not have bank accounts, which prevents them from accessing even the most fundamental financial services to invest in their education and companies. This prevents them from reaching their full potential. No one should be prevented from participating in the global economy due to the conditions in which they were born or the circumstances of their life.
OPay is making financial services more efficient for millions of users, and it all starts with the ability to pay and have access to the appropriate possibilities at the appropriate moment. With a dedicated team, a smart mobile platform, and a community of users that is quickly expanding, OPay is well positioned to achieve this goal.
