OPay Egypt, a leading fintech company and electronic payments provider, announced today that the Central Bank of Egypt granted it permission to issue prepaid cards via its OPay app.
The Egyptian Cards Company will issue the prepaid cards in cooperation with them. This company is the largest card distributor in the region and local market.
OPay Egypt is a new initiative to offer all electronic payments solutions in Egypt.
Customers will be able to deposit money on the cards, then use it for cash withdrawals or purchases without opening a bank accounts.
OPay customers can use these cards to access a variety of services that will meet their financial or payment needs.
Mahmoud Khedr, Director for business development and strategic partnership for Egypt and North Africa at OPay said “We are pleased with our cooperation with the Egyptian Cards Company to issue our prepaid cards. The new cards will provide additional paying options that will greatly contribute in our efforts to provide the best non-banking services to our customers through a smooth and easy payment system represented in the prepaid cards.”
Khedr said that the prepaid cards are a good option. “allow our customers to use the cards in paying and purchasing, and meets their financial needs wherever they are.”
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.
Khedr raised this issue by raising the Presidential Initiative for Economic Reform and the Central Bank of Egypt’s initiatives. These efforts contributed to attracting foreign investors into Egypt, especially in the payment and collection and fintech sectors.
He 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 El-Din, OPay Egypt’s Digital and Cards Business Line Director, stated: “We are working hard to reinforce our presence in the Egyptian local market and offering new electronic payments and collections solutions, as well as supporting our customers through an inclusive system that helps in pushing digital transformation forward and supports financial inclusion.”
These were the steps Ezz El Din said “help us arrive at a non-cash society in light of the strategy of The Central Bank of Egypt and the directive of the Egyptian state within the 2030 digital vision.”
Ezz El-Din said that 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.
Customers can request cancellation or issuance of their prepaid cards by connecting the card to the app.
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.
OPay and the Egyptian Cards Company signed a cooperation protocol last year in order to facilitate issuing bank cards.