Opay, the emerging market fintech unicorn announced that it has received provisional approval from the Central Bank of Egypt (CBE) to issue prepaid cards via its OPay app in partnership with Masria Digital Payments (MDP), Egypt’s largest card provider.
This is a bold step since the fintech company signed a cooperation protocol with the Egyptian Cards Company last year to issue their bank cards.
The fintech company plans to issue 200,000 prepaid cards to provide digital payment solutions for the local market in the first phase. These cards offer users a comprehensive suite of financial and payment services, like enabling customers to deposit sums of money and use them for cash withdrawals and purchases without the need to open a bank account, as these cards contribute to providing OPay’s customer base with a batch of services that meet their needs.
Mahmoud Khader, the Head of Business Development and Strategic Partnerships at OPay said, “We are very pleased to cooperate with the Egyptian Card Company to issue prepaid cards, as it provides more than one payment option, which will greatly contribute to continuing our endeavors to provide the best non-banking services to our customers through a smooth and easy system represented in prepaid cards, which enables them to benefit from its services in buying and selling operations and to meet their financial needs whenever and wherever they are.”
He added that this cooperation comes to enhance financial inclusion operations as well as to implement the plan of the National Payments Council, referring to the presidential initiative for economic reform and the resulting decisions and initiatives from the CBE that contributed greatly to attracting more foreign investors to the Egyptian market, especially in the field of payments, collections, and fintech.
Khader 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
Masria Digital Payments（MDP, Opay’s new partner in the North African country has over three decades of experience in the business. It focuses on the whole chain cycle of card production, issuance, and payment processing.
The Head of the Digital Business and Card Services Sector, Hisham Ezz Al-Din on his part said, “We are working hard to enhance our presence in the Egyptian local market, provide new electronic payment and collection methods, and support our customers through a comprehensive system, which contributes to advancing digital transformation, supporting financial inclusion, and reaching a cashless society in light of the strategy of the CBE and the directions of the Egyptian state in building a digital Egypt by 2030.”
He further explained that OPay will link the prepaid card to the company’s mobile application to provide for all customer demands, where the customer can request the issuance or cancellation of their card through the application.
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.