Opay, a prominent and rapidly expanding provider of financial technology and electronic payments solutions, has unveiled its ambitious plan to apply for a license to establish a digital bank in Egypt with a capital of $60 million. This decision comes in response to the recent regulations for licensing and registration of digital banks, as well as control and supervision measures, set forth by the Central Bank of Egypt.
The move reflects Opay’s unwavering commitment to play a vital role in developing the Egyptian digital economy, supporting the nation’s digital transformation agenda, fostering financial inclusion, and encouraging a shift away from cash-dependency. Leveraging its expertise in offering top-notch, swift, and secure financial technology solutions in markets across the Middle East, North Africa, Nigeria, and Pakistan, Opay aims to elevate its services through innovation and cutting-edge technological solutions, catering to the specific needs of the Egyptian market.
The digital bank will enable Opay to offer a host of services, including lending, savings, and card services, all conducted online, sparing customers the need to visit physical branches. Additionally, Opay will continue providing its existing array of services, such as payment acceptance through points of sale, digital payment gateways, and electronic wallets.
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Expressing enthusiasm for the prospect of obtaining a license for a digital bank in Egypt, Mahmoud Khedr, Director of Business Development & Partnership at Opay, emphasized the company’s readiness to work hand in hand with the Central Bank of Egypt and other relevant authorities. He highlighted Opay’s remarkable track record of 5 years in the financial technology sector across various countries, which positions the company as a formidable force, poised for success and achievement in Egypt.
Khedr further elaborated on Opay’s remarkable accomplishments in the previous year, boasting an impressive sales volume of over $50 billion in the region. Moreover, Opay’s application has garnered approximately 30 million users across all the countries it operates in. With aspirations to surpass these milestones in the current year and achieve unprecedented record rates, Opay is determined to pave the way for even greater achievements.
Extending gratitude to the leadership of the Central Bank for its initiatives in creating a supportive climate for the financial technology industry, Khedr commended the unwavering support provided to the sector. He acknowledged the visionary directives of the Central Bank’s leaders in advancing the digital economy, underscoring their significant role in developing and nurturing the financial technology sector.
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With Opay’s drive, expertise, and solid track record, the company is poised to revolutionize the digital banking landscape in Egypt, ushering in a new era of convenience, efficiency, and financial empowerment for customers across the nation.
Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based lawyer, who has several years of experience working in Africa’s burgeoning tech startup industry. He has closed multi-million dollar deals bordering on venture capital, private equity, intellectual property (trademark, patent or design, etc.), mergers and acquisitions, in countries such as in the Delaware, New York, UK, Singapore, British Virgin Islands, South Africa, Nigeria etc. He’s also a corporate governance and cross-border data privacy and tax expert.
As an award-winning writer and researcher, he is passionate about telling the African startup story, and is one of the continent’s pioneers in this regard