Opay to launch a digital bank in Egypt
OPay, an emerging market fintech unicorn, intends to launch a $60 million digital bank in Egypt.
The fintech declared its plan to apply for a licence yesterday, in accordance with the Central Bank of Egypt's newly established rules for licensing and registration of digital banks, as well as control and supervision.
Opay stated that it intends to improve its services through innovation and the newest technical solutions in order to make financial and banking transactions easier for Egyptian consumers.
Mahmoud Khedr, director of business development and partnership at OPay, said: “We are excited to obtain a licence to establish a digital bank in Egypt, and to work hand-in-hand with the Central Bank of Egypt and all concerned authorities to start this step, which represents a new beginning to keep pace with global developments in the field of financial technology."
Khedr added that OPay has five years of experience in the financial technology sector in the countries in which it operates, which, he said represents “a real impetus towards achieving success and achievement in Egypt”.