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CAIRO, April 15, 2022 /PRNewswire/ — Rising market fintech unicorn OPay has obtained preliminary acceptance from the Central Lender of Egypt (CBE) on April 13 to associate with Masria Electronic Payments (MDP), Egypt’s largest card company, to problem pay as you go cards in Egypt.
OPay programs to challenge 200,000 pay as you go cards in the initially period, which will present Egyptian customers with handy and fast non-lender monetary products and services and advertise the arrival of Egypt’s cashless culture.
According to a March report from Study and Markets, the world’s major industry analysis agency, the prepaid card marketplace (value conditions) in Egypt amplified at a CAGR of 14.9% throughout 2017-2021. In excess of the forecast time period of 2022 to 2026, the industry is envisioned to report a CAGR of 16.2%, raising from US$2.75 billion in 2022 to achieve US$5.00 billion by 2026.
OPay options to problem 200,000 pay as you go playing cards in the initially section to supply digital payment remedies for the community industry. For example, clients can deposit cash without the need of opening a financial institution account and use them for income withdrawals and buying payments, which aids In buy to more meet the requirements of OPay buyers for more convenient and available non-financial institution economical companies.
OPay’s husband or wife is Masria Electronic Payments（MDP）, which has been set up for additional than 30 many years. It focuses on the total chain cycle of card generation, issuance and payment processing, and is the greatest card supplier in Egypt.
Mahmoud Khader — the Head of Organization Progress and Strategic Partnerships at OPay — reported: “We are extremely delighted to cooperate with the Egyptian Card Business to challenge prepaid playing cards, as it supplies additional than a person payment selection, which will enormously lead to continuing our endeavours to present the best non-banking expert services to our customers by means of a sleek and straightforward procedure represented in pay as you go cards, which enables them to benefit from its providers in obtaining and providing functions and to fulfill their fiscal requirements every time and where ever they are.”
OPay formed a partnership with Banque Misr, Egypt’s next largest state-owned lender, in January this year to supply electronic collection solutions to merchants and little and medium-sized enterprises of the bank’s partners. By constantly creating cooperation with big regional money institutions in Egypt, OPay is transforming the pattern of Egypt’s money industry and serving to Egypt’s electronic economic climate to prosper.
In August 2021, OPay accomplished a $400 million Sequence C funding. This round of financing was led by SoftBank Eyesight Fund 2, followed by Extensive-Z Money, Sequoia Money, RedPoint China, Source Code Cash, SoftBank Ventures Asia, and 3W Money. cast. Soon after this financing, OPay has develop into a new economical technology unicorn in Rising Markets, with a valuation of $2 billion.
Beforehand, OPay concluded a complete of $120 million in Collection B financing on November 18, 2019.
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