The Central Bank of Egypt has given preliminary authorisation to OPay Egypt, the top fintech and electronic payments company, to issue prepaid cards using its OPay app.
The prepaid cards will be distributed in collaboration with Egyptian Cards Company, the country’s leading card distributor.
With this new step, OPay Egypt aspires to supply all electronic payment solutions in the Egyptian market.
Customers will be able to deposit money into the prepaid cards and then use it for cash withdrawals and purchases without needing to open a bank account. Customers of OPay can use these cards to access a variety of financial and payment services.
“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 emphasised that this partnership will help Egypt’s attempts to promote financial inclusion, calling it a “practical application” of the National Payments Council’s policy.
In this regard, Khedr emphasised the President’s economic reform effort as well as the Central Bank of Egypt’s actions, both of which have aided in drawing international investors to the Egyptian market, particularly in the payments and collections and fintech sectors.
“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.
Prepaid cards from OPay will be linked to the OPay mobile app to ensure that the service satisfies the expectations of clients.
Customers can request the issuance or cancellation of a prepaid card by connecting the card to the app.
Ezz El-Din emphasised that the move is part of the company’s ongoing attempts to expand its presence across the country.
The platform aims to provide the greatest electronic services in Egypt while maintaining the highest levels of client safety and security.
Last year, OPay and the Egyptian Cards Company signed a joint collaboration pact to make issuing financial cards easier.