OPay plans digital bank for Egypt
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OPay, a rapidly growing provider of financial technology and electronic payments solutions, has announced its intention to apply for a licence to establish a digital bank in Egypt with capital of US$60 million.
OPay says it aims to enhance its services with innovation and the latest technological solutions. 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. OPay services will also permit such payment methods as points of sale, digital payment gateways and electronic wallets.
Mahmoud Khedr, Director of Business Development & Partnership at OPay, says: "OPay is qualified to make a breakthrough in this industry as it has five years of experience in the financial technology sector in the countries in which we operate, which represents a real impetus towards achieving success and achievement in Egypt.”
Last year, the company says, the value of its sales in the region amounted to more than US$50 billion, while the number of users of the OPay application in all countries reached about 30 million. The company hopes to exceed these numbers in the current year,
As well as a commitment to its role in developing the Egyptian digital economy, the company has experience in the field of digital transformation in a number of countries in the Middle East and North Africa, along with Nigeria and Pakistan.
Vaughan O'Grady
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