OPay Was Approved by The Central Bank of Egypt to Issue Prepaid Cards to Help Digital Finance Reform in Emerging Markets

CAIRO, April 15, 2022 /PRNewswire/ — Emerging marketplace fintech unicorn OPay has received preliminary approval from the Central Bank of Egypt (CBE) on April 13 to spouse with Masria Electronic Payments (MDP), Egypt’s greatest card service provider, to situation pay as you go cards in Egypt.

OPay options to concern 200,000 prepaid playing cards in the to start with period, which will present Egyptian people with convenient and quick non-financial institution fiscal products and services and promote the arrival of Egypt’s cashless culture.

According to a March report from Analysis and Markets, the world’s top market place evaluation agency, the pay as you go card industry (value phrases) in Egypt greater at a CAGR of 14.9% during 2017-2021. More than the forecast period of time of 2022 to 2026, the industry is predicted to report a CAGR of 16.2%, rising from US$2.75 billion in 2022 to reach US$5.00 billion by 2026.

OPay ideas to issue 200,000 prepaid cards in the initially stage to present digital payment solutions for the area market. For case in point, prospects can deposit resources without opening a financial institution account and use them for money withdrawals and browsing payments, which aids In get to more meet up with the requirements of OPay shoppers for extra easy and available non-bank fiscal solutions.

OPay’s spouse is Masria Digital Payments（MDP）, which has been recognized for additional than 30 a long time. It focuses on the total chain cycle of card output, issuance and payment processing, and is the biggest card supplier in Egypt.

Mahmoud Khader — the Head of Enterprise Advancement and Strategic Partnerships at OPay — mentioned: “We are quite pleased to cooperate with the Egyptian Card Firm to concern pay as you go playing cards, as it presents a lot more than one payment option, which will significantly contribute to continuing our endeavours to present the finest non-banking solutions to our shoppers by way of a sleek and quick procedure represented in prepaid playing cards, which allows them to advantage from its providers in purchasing and providing functions and to meet their monetary desires whenever and wherever they are.”

Tale carries on

OPay shaped a partnership with Banque Misr, Egypt’s 2nd premier condition-owned bank, in January this yr to supply electronic selection products and services to retailers and small and medium-sized enterprises of the bank’s associates. By continuously developing cooperation with massive area money establishments in Egypt, OPay is modifying the pattern of Egypt’s economic market place and encouraging Egypt’s electronic economic climate to prosper.

In August 2021, OPay completed a $400 million Series C financing. This spherical of financing was led by SoftBank Vision Fund 2, adopted by Very long-Z Cash, Sequoia Money, RedPoint China, Source Code Capital, SoftBank Ventures Asia, and 3W Funds. forged. Just after this funding, OPay has grow to be a new fiscal technological innovation unicorn in Emerging Marketplaces, with a valuation of $2 billion.

Beforehand, OPay concluded a complete of $120 million in Series B financing on November 18, 2019.

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Source OPay