CAIRO, April 15, 2022 /PRNewswire/ — Rising current market fintech unicorn OPay has acquired preliminary approval from the Central Bank of Egypt (CBE) on April 13 to spouse with Masria Digital Payments (MDP), Egypt’s major card service provider, to difficulty pay as you go cards in Egypt.
OPay designs to problem 200,000 prepaid cards in the first period, which will provide Egyptian users with hassle-free and rapidly non-lender economical services and encourage the arrival of Egypt’s cashless society.
According to a March report from Study and Markets, the world’s major marketplace examination company, the pay as you go card current market (benefit terms) in Egypt amplified at a CAGR of 14.9% during 2017-2021. Around the forecast period of time of 2022 to 2026, the current market is expected to history a CAGR of 16.2%, escalating from US$2.75 billion in 2022 to get to US$5.00 billion by 2026.
OPay ideas to issue 200,000 prepaid playing cards in the initial section to deliver electronic payment methods for the nearby market. For instance, buyers can deposit money with out opening a financial institution account and use them for dollars withdrawals and searching payments, which helps In order to more meet up with the demands of OPay clients for a lot more easy and available non-bank economic expert services.
OPay’s lover is Masria Electronic Payments（MDP）, which has been proven for extra than 30 decades. It focuses on the total chain cycle of card output, issuance and payment processing, and is the greatest card provider in Egypt.
Mahmoud Khader — the Head of Organization Advancement and Strategic Partnerships at OPay — explained: “We are incredibly pleased to cooperate with the Egyptian Card Organization to problem pay as you go playing cards, as it supplies additional than one payment possibility, which will considerably contribute to continuing our endeavours to give the finest non-banking solutions to our customers through a sleek and simple process represented in prepaid cards, which allows them to benefit from its services in purchasing and providing operations and to meet up with their economical needs each time and where ever they are.”
OPay formed a partnership with Banque Misr, Egypt’s second major condition-owned financial institution, in January this calendar year to deliver electronic assortment solutions to retailers and compact and medium-sized enterprises of the bank’s partners. By consistently establishing cooperation with huge neighborhood economic establishments in Egypt, OPay is shifting the pattern of Egypt’s fiscal market place and supporting Egypt’s digital economic climate to prosper.
In August 2021, OPay accomplished a $400 million Collection C financing. This spherical of financing was led by SoftBank Eyesight Fund 2, adopted by Lengthy-Z Capital, Sequoia Funds, RedPoint China, Supply Code Money, SoftBank Ventures Asia, and 3W Money. cast. Following this financing, OPay has come to be a new economic engineering unicorn in Rising Markets, with a valuation of $2 billion.
Previously, OPay accomplished a whole of $120 million in Sequence B financing on November 18, 2019.
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