OPay intends to establish digital bank in Egypt

OPay intends to establish digital bank in Egypt

OPay has announced its intention to apply for a digital bank licence in Egypt with a capital of $60m.

The company said that this step came within the framework of OPay’s commitment to its role in developing the Egyptian digital economy, supporting the Egyptian state’s plans towards digital transformation, strengthening the principles of financial inclusion, and building a society less dependent on cash transactions, using the best, fastest and safest financial technology solutions in the Egyptian market provided by Opay, along with its experience in the field of digital transformation in the Middle East, North Africa, Nigeria, and Pakistan.

OPay aims to enhance its services with innovation and the latest technological solutions to meet the needs of the Egyptian market, and to facilitate the conduct of financial and banking transactions for customers, as the company will work through the digital bank to provide lending, savings and card services via the Internet without the need for customers to go to branches, in addition to Opay services to accept payments such as points of sale, digital payment gateway, and electronic wallets.

Mahmoud Khedr, Head of Business Development and Strategic Partnerships Sector at OPay, said: “We are excited to obtain a license to establish a digital