CAIRO, April 15, 2022 /PRNewswire/ — Rising market place fintech unicorn OPay has acquired preliminary acceptance from the Central Bank of Egypt (CBE) on April 13 to lover with Masria Digital Payments (MDP), Egypt’s biggest card supplier, to concern prepaid playing cards in Egypt.
OPay ideas to difficulty 200,000 pay as you go cards in the initial section, which will offer Egyptian customers with handy and quick non-bank financial expert services and encourage the arrival of Egypt’s cashless culture.
In accordance to a March report from Research and Markets, the world’s leading marketplace assessment company, the prepaid card sector (benefit conditions) in Egypt greater at a CAGR of 14.9% during 2017-2021. More than the forecast period of time of 2022 to 2026, the sector is anticipated to document a CAGR of 16.2%, growing from US$2.75 billion in 2022 to attain US$5.00 billion by 2026.
OPay options to difficulty 200,000 pay as you go playing cards in the very first phase to offer digital payment alternatives for the community current market. For case in point, consumers can deposit cash without having opening a financial institution account and use them for dollars withdrawals and procuring payments, which helps In order to even further fulfill the wants of OPay customers for extra effortless and available non-financial institution monetary solutions.
OPay’s spouse is Masria Digital Payments（MDP）, which has been set up for far more than 30 many years. It focuses on the full chain cycle of card generation, issuance and payment processing, and is the most significant card provider in Egypt.
Mahmoud Khader — the Head of Small business Enhancement and Strategic Partnerships at OPay — said: “We are pretty happy to cooperate with the Egyptian Card Company to challenge prepaid cards, as it delivers additional than just one payment possibility, which will tremendously lead to continuing our endeavours to offer the best non-banking services to our customers via a clean and quick method represented in prepaid playing cards, which enables them to profit from its expert services in buying and advertising functions and to satisfy their economical demands anytime and wherever they are.”
OPay shaped a partnership with Banque Misr, Egypt’s second biggest condition-owned lender, in January this 12 months to deliver electronic collection products and services to retailers and small and medium-sized enterprises of the bank’s partners. By continuously creating cooperation with substantial regional fiscal institutions in Egypt, OPay is altering the sample of Egypt’s fiscal market place and assisting Egypt’s electronic economic climate to flourish.
In August 2021, OPay finished a $400 million Series C funding. This spherical of funding was led by SoftBank Vision Fund 2, adopted by Lengthy-Z Capital, Sequoia Money, RedPoint China, Supply Code Money, SoftBank Ventures Asia, and 3W Capital. solid. Soon after this funding, OPay has turn out to be a new economic technological innovation unicorn in Emerging Marketplaces, with a valuation of $2 billion.
Beforehand, OPay completed a complete of $120 million in Series B funding on November 18, 2019.
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