CAIRO, April 15, 2022 /PRNewswire/ — Emerging current market fintech unicorn OPay has obtained preliminary approval from the Central Bank of Egypt (CBE) on April 13 to spouse with Masria Digital Payments (MDP), Egypt’s premier card provider, to difficulty pay as you go playing cards in Egypt.
OPay options to problem 200,000 pay as you go cards in the first section, which will present Egyptian customers with convenient and rapidly non-bank economical solutions and promote the arrival of Egypt’s cashless society.
In accordance to a March report from Analysis and Markets, the world’s leading industry analysis agency, the pay as you go card current market (benefit terms) in Egypt increased at a CAGR of 14.9% through 2017-2021. Around the forecast period of 2022 to 2026, the industry is predicted to history a CAGR of 16.2%, rising from US$2.75 billion in 2022 to reach US$5.00 billion by 2026.
OPay ideas to concern 200,000 prepaid cards in the initially phase to provide digital payment methods for the community current market. For example, consumers can deposit funds devoid of opening a financial institution account and use them for dollars withdrawals and shopping payments, which helps In order to further more meet the requires of OPay buyers for far more hassle-free and obtainable non-financial institution economical providers.
OPay’s spouse is Masria Digital Payments（MDP）, which has been established for a lot more than 30 years. It focuses on the complete chain cycle of card manufacturing, issuance and payment processing, and is the premier card provider in Egypt.
Mahmoud Khader — the Head of Business enterprise Growth and Strategic Partnerships at OPay — mentioned: “We are quite pleased to cooperate with the Egyptian Card Business to issue pay as you go cards, as it gives much more than a person payment option, which will tremendously contribute to continuing our endeavours to deliver the greatest non-banking expert services to our customers by a easy and uncomplicated system represented in pay as you go playing cards, which enables them to benefit from its products and services in acquiring and advertising functions and to satisfy their money requirements anytime and anywhere they are.”
OPay formed a partnership with Banque Misr, Egypt’s second greatest point out-owned lender, in January this calendar year to deliver electronic assortment expert services to merchants and compact and medium-sized enterprises of the bank’s associates. By constantly setting up cooperation with large nearby financial institutions in Egypt, OPay is modifying the sample of Egypt’s economical sector and aiding Egypt’s digital financial system to flourish.
In August 2021, OPay finished a $400 million Sequence C funding. This spherical of funding was led by SoftBank Vision Fund 2, followed by Prolonged-Z Money, Sequoia Cash, RedPoint China, Source Code Cash, SoftBank Ventures Asia, and 3W Money. forged. Soon after this funding, OPay has turn out to be a new economical technological innovation unicorn in Rising Marketplaces, with a valuation of $2 billion.
Beforehand, OPay completed a complete of $120 million in Collection B financing on November 18, 2019.
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