CAIRO, April 15, 2022 /PRNewswire/ — Rising sector fintech unicorn OPay has acquired preliminary acceptance from the Central Lender of Egypt (CBE) on April 13 to husband or wife with Masria Digital Payments (MDP), Egypt’s largest card supplier, to issue pay as you go playing cards in Egypt.
OPay plans to concern 200,000 pay as you go cards in the 1st stage, which will give Egyptian people with easy and quick non-lender money expert services and endorse the arrival of Egypt’s cashless society.
According to a March report from Investigation and Marketplaces, the world’s top current market analysis agency, the prepaid card current market (value terms) in Egypt enhanced at a CAGR of 14.9% throughout 2017-2021. In excess of the forecast time period of 2022 to 2026, the sector is predicted to record a CAGR of 16.2%, growing from US$2.75 billion in 2022 to get to US$5.00 billion by 2026.
OPay programs to difficulty 200,000 prepaid cards in the 1st section to give electronic payment methods for the regional sector. For case in point, buyers can deposit money with out opening a financial institution account and use them for cash withdrawals and purchasing payments, which assists In buy to additional fulfill the wants of OPay prospects for additional easy and accessible non-bank financial companies.
OPay’s companion is Masria Digital Payments（MDP）, which has been set up for far more than 30 yrs. It focuses on the full chain cycle of card output, issuance and payment processing, and is the greatest card supplier in Egypt.
Mahmoud Khader — the Head of Enterprise Improvement and Strategic Partnerships at OPay — mentioned: “We are incredibly delighted to cooperate with the Egyptian Card Business to situation pay as you go playing cards, as it offers more than one payment selection, which will considerably contribute to continuing our endeavours to deliver the ideal non-banking providers to our clients through a clean and straightforward method represented in prepaid cards, which enables them to benefit from its expert services in shopping for and advertising operations and to meet their economic demands each time and where ever they are.”
OPay fashioned a partnership with Banque Misr, Egypt’s next biggest point out-owned lender, in January this year to deliver digital collection providers to retailers and tiny and medium-sized enterprises of the bank’s partners. By consistently establishing cooperation with big area fiscal institutions in Egypt, OPay is shifting the sample of Egypt’s money sector and serving to Egypt’s digital financial system to flourish.
In August 2021, OPay finished a $400 million Collection C funding. This round of funding was led by SoftBank Vision Fund 2, followed by Extended-Z Cash, Sequoia Money, RedPoint China, Supply Code Cash, SoftBank Ventures Asia, and 3W Capital. forged. Right after this funding, OPay has grow to be a new financial technology unicorn in Rising Marketplaces, with a valuation of $2 billion.
Beforehand, OPay concluded a full of $120 million in Series B funding on November 18, 2019.
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