OPay gets initial green light from Central Bank of Egypt to issue prepaid cards

EGYPT – OPay Egypt, the leading fintech and electronic payments company, has obtained initial approval from the Central Bank of Egypt to issue prepaid cards through its OPay app.

The prepaid cards will be issued in cooperation with the Egyptian Cards Company, the largest card distributer in the local and regional market.

OPay Egypt aims with this new step to provide all electronic payments solutions in the local market.

The prepaid cards will also allow customers to deposit money in the cards, thereafter, use it in cash withdrawals and purchases without having to open a bank account.

These cards provide OPay customers with a whole set of services that meet their financial and payment needs.

The new cards will provide additional paying options that will greatly contribute to our efforts to provide the best non-banking services to our customers through a smooth and easy payment system represented in the prepaid cards,” said Mahmoud khedr, Director of business at OPay.

He emphasized that this cooperation comes to reinforce efforts to achieve financial inclusion in Egypt and deemed it a practical application of the strategy of Egypt’s National Payments Council.

In this respect, Khedr raised the Presidential initiative for economic reform and the initiatives of The Central Bank of Egypt, which contributed to attracting foreign investors to the Egyptian market, especially in the payments and collections and fintech sectors in Egypt.

We are working hard to reinforce our presence in the Egyptian local market and offering new electronic payments and collections solutions,” said Hesham Ezz El-Din, Digital and Cards Business line director at OPay Egypt.

OPay’s prepaid cards will be connected with OPay’s mobile app, in order to guarantee that the service meets the needs of the customers.

Connecting the card with the app will allow customers to request the issuance or cancellation of the prepaid card.

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.

The platform seeks to offer the best electronic services in the Egyptian market while maintaining the highest levels of safety and security for its customers.

OPay signed a joint cooperation protocol with the Egyptian Cards Company last year to facilitate issuing banking cards.

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