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Home Fintech OPay Egypt granted initial approval from the Central Bank of Egypt to Issue prepaid cards

OPay Egypt granted initial approval from the Central Bank of Egypt to Issue prepaid cards

by Milcah Lukhanyu
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 OPay Egypt, the leading fintech and electronic payments company, has been granted  initial approval by Central Bank of Egypt  to issue prepaid cards through its OPay app.

The prepaid cards will be issued with cooperation with the Egyptian Cards Company, the largest card distributer in the local and regional market.

Mahmoud khedr, Director of business development and strategic partnerships for Egypt and North Africa at OPay, said “We are pleased with our cooperation with the Egyptian Cards Company to issue our prepaid cards. The new cards will provide additional paying options that will greatly contribute in our efforts to provide the best non-banking services to our customers through a smooth and easy payment system represented in the prepaid cards.”

Following this achievement, the company will provide all electronic payments solutions in the local market.The prepaid cards will allow customers to deposit money in the cards, thereafter use it in cash withdrawals and purchases without having to open a bank account.

These cards provide OPay customers with a whole set of services that meet their financial and payment needs.

Khedr added that the prepaid cards “ will allow  customers to use the cards in paying and purchasing, and meets their financial needs wherever they are.”

He emphasized that this cooperation comes to reinforce efforts to achieve financial inclusion in Egypt, and deemed it a practical application of the strategy of Egypt’s National Payments Council.

In this respect, Khedr, raised the Presidential initiative for economic reform and the initiatives of The Central Bank of Egypt, which contributed in attracting foreign investors to the Egyptian market especially in the payments and collections and fintech sectors in Egypt.

He also commended the role of The Central Bank’s decisions that “guaranteed an atmosphere of competitiveness, that broadly benefits Egyptian citizens by providing them with the best financial solutions that fit all segments of the society.”

Hesham Ezz El-Din, Digital and Cards Business line director at OPay Egypt, said: “We are working hard to reinforce our presence in the Egyptian local market and offering new electronic payments and collections solutions, as well as supporting our customers through an inclusive system that helps in pushing digital transformation forward and supports financial inclusion.”

 According to  Ezz El-Din  “ These steps  will help us arrive at a non-cash society in light of the strategy of The Central Bank of Egypt and the directive of the Egyptian state within the 2030 digital vision.”

Ezz El-Din said that OPay’s prepaid cards will be connected with OPay’s mobile app, in order to guarantee that the service Meets the needs of the customers.

Connecting the card with the app will allow customers to request the issuance or cancellation of the prepaid card.

Ezz El-Din reiterated that the move also comes as a part of the company’s concerted efforts to expand its branches all over the country.

“OPay seeks to offer the best electronic services in the Egyptian market, while maintaining the highest levels of safety and security for its customers,” Ezz El-Din said.

OPay signed a joint cooperation protocol with the Egyptian Cards Company last year to facilitate issuing banking cards.

The fintech company  was founded in 2018 and it offers a wide range of technological solutions, such as designing the modern technological infrastructure for payments systems using state of the art technologies and the highest levels of security. OPay offers an easy smooth payment experience to customers and individuals alike through a variety of electronic payments services and solutions, such as accepting the current POS deployed at tens of thousands of vendors and retailers and the electronic payments gate OPayCheckout, as well as phone apps with many other services that the company seeks to introduced in Egypt soon.

 The company  has operations in the Middle East and Africa, and operates currently in the Arab Republic of Egypt, where millions of customers rely on its services to facilitate their payments and meet their financial needs. OPay, runs tens of thousands of financial transactions daily.

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