OPay, a fintech unicorn in emerging markets, has unveiled plans to launch a digital bank in Egypt with a significant investment of $60 million.
The company announced its intention to apply for a license in accordance with the newly established rules by the Central Bank of Egypt for licensing, registration, control, and supervision of digital banks.
OPay aims to enhance its services through innovation and advanced technical solutions, aiming to simplify financial and banking transactions for Egyptian consumers.
Mahmoud Khedr, the Director of Business Development and Partnership at OPay, expressed enthusiasm about obtaining the license to establish a digital bank in Egypt. He emphasized the company’s commitment to collaborating with the Central Bank of Egypt and relevant authorities to initiate this transformative step, aligning with global developments in financial technology.
With five years of experience in the financial technology sector across the countries it operates in, Khedr believes this background provides a strong foundation for success and growth in Egypt.
