OPay, the African payment firm, has announced that the Central Bank of Egypt has granted it the initial approval to issue prepaid cards through its OPay app in Egypt.
The prepaid cards will be issued with cooperation with the Egyptian Cards Company, the largest card distributor in the local and regional market.
OPay Egypt, with this new move, aims to provide all electronic payments solutions in the local market.
The prepaid cards will 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.
Mahmoud khedr, Director of business development and strategic partnerships 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 added that the prepaid cards “allow our customers to use the cards in paying and purchasing, and meets their financial needs wherever they are.”
Hesham Ezz El-Din, Digital and Cards Business line director at OPay Egypt, said: “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 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.”
