OPay obtains approval of Egypt’s CBE to issue prepaid cards

Prepaid cards a part of the larger Digital Egypt by 2030 strategy

OPay obtains approval of Egypt's CBE to issue prepaid cards

OPay obtains approval of Egypt's CBE to issue prepaid cards

OPay Egypt is working to provide all digital payment solutions in the local market by issuing prepaid cards that enable customers to deposit sums of money and use them for cash withdrawals and purchases without the need to open a bank account

OPay Egypt, a fintech and payments solutions company, recently announced that it has secured approval from the Central Bank of Egypt (CBE) to issue prepaid cards through its app in an alliance with Egyptian Cards Company, the regions largest supplier of cards in the regional and local market.

With the issuance of the prepaid card, OPay is hoping to provide all digital payment solutions in the local market. The cards would enable customers of OPay to use them to make cash withdrawals and deposits without the need for opening a bank account. OPay said that the cards would contribute to providing its customer base with a range of services to suit their needs.

Seamless transition to non-banking services in Egypt

Head of Business Development and Strategic Partnerships at OPay, Mahmoud Khader, said that OPay was pleased to cooperate with the Egyptian Card Company to issue prepaid cards, since it provides customers with yet another payment option. He further added that using prepaid cards represented a smooth and easy system to provide non-banking services to customers, allowing them to meet their financial needs wherever they may be.

Khader went on to say that the launch coincides with enhancement of financial inclusion operations, and implementation of the plan of the National Payments Council. He also said that the decisions and initiatives of the CBE contributed immensely to attracting foreign investors to the country, especially in the fintech sector.

Khader went on to praise the CBE for issuing a package of decisions that would benefit Egyptian citizens, at the same time ensuring competitiveness in providing the best financial services to suit all sections of society.

Head of the Digital Business and Card Services sector, Hisham Ezz Al-Din, said that his company is working hard to enhance its presence in the local market by providing new and innovative payment and collection methods, and supporting customers through a comprehensive system, which contributes to digital transformation, financial inclusion and achieving a cashless society – in line with the nations plan to build a Digital Egypt by 2030.

He also added that OPay will link the prepaid cards to the company’s mobile app, which would cater to all customer demands and needs, and even support if the customer wished to issue or cancel cards.

He stressed that OPay always strives to provide the best electronic services to the local market, taking into account all the means of protection and safety for the company’s customers.

OPay signed a cooperation protocol with the Egyptian Cards Company last year in order to issue their bank cards.

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