CAIRO, April 15, 2022 /PRNewswire/ — Emerging current market fintech unicorn OPay has received preliminary acceptance from the Central Lender of Egypt (CBE) on April 13 to companion with Masria Digital Payments (MDP), Egypt’s largest card provider, to concern pay as you go playing cards in Egypt.
OPay programs to challenge 200,000 pay as you go cards in the to start with section, which will offer Egyptian customers with convenient and quickly non-bank economical providers and advertise the arrival of Egypt’s cashless society.
According to a March report from Research and Marketplaces, the world’s major market place assessment company, the prepaid card market (value phrases) in Egypt enhanced at a CAGR of 14.9% through 2017-2021. Over the forecast period of time of 2022 to 2026, the current market is predicted to document a CAGR of 16.2%, increasing from US$2.75 billion in 2022 to achieve US$5.00 billion by 2026.
OPay plans to situation 200,000 pay as you go playing cards in the initially section to offer electronic payment alternatives for the nearby market place. For example, customers can deposit resources devoid of opening a lender account and use them for money withdrawals and purchasing payments, which allows In order to more satisfy the demands of OPay consumers for more convenient and obtainable non-lender monetary expert services.
OPay’s spouse is Masria Electronic Payments（MDP）, which has been established for extra than 30 decades. It focuses on the entire chain cycle of card manufacturing, issuance and payment processing, and is the biggest card supplier in Egypt.
Mahmoud Khader — the Head of Company Improvement and Strategic Partnerships at OPay — stated: “We are extremely pleased to cooperate with the Egyptian Card Organization to problem prepaid playing cards, as it supplies more than 1 payment alternative, which will greatly contribute to continuing our endeavours to present the best non-banking providers to our prospects as a result of a sleek and straightforward system represented in pay as you go cards, which permits them to benefit from its products and services in buying and offering functions and to fulfill their economical needs each time and anywhere they are.”
OPay shaped a partnership with Banque Misr, Egypt’s next most significant state-owned bank, in January this 12 months to deliver digital collection providers to retailers and small and medium-sized enterprises of the bank’s partners. By constantly developing cooperation with large regional monetary establishments in Egypt, OPay is shifting the pattern of Egypt’s monetary industry and helping Egypt’s electronic economic climate to flourish.
In August 2021, OPay finished a $400 million Sequence C funding. This round of funding was led by SoftBank Eyesight Fund 2, adopted by Prolonged-Z Cash, Sequoia Funds, RedPoint China, Supply Code Money, SoftBank Ventures Asia, and 3W Money. cast. After this financing, OPay has turn out to be a new monetary technologies unicorn in Rising Markets, with a valuation of $2 billion.
Previously, OPay done a total of $120 million in Collection B funding on November 18, 2019.
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