Opay, Africa’s leading web and mobile money service provider has announced that it has received approval from the Central Bank of Egypt to issue prepaid cards through its OPay mobile application for its Egypt service.
The prepaid cards will be distributed in collaboration with the Egyptian Cards Company, the country’s largest card distributor.
With this new step, OPay Egypt aspires to provide all electronic payment solutions in the Egyptian market.
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These cards also provide OPay customers with a whole set of services that meet their financial and payment needs.
“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.
Opay Eygpt Card Partnership
He emphasized that this collaboration will help Egypt’s efforts to achieve financial inclusion to be strengthened, and described it as a “practical application of the strategy of the Egyptian National Payments Council.”
According to Khedr, the Presidential Initiative for Economic Reform as well as the initiatives of Egypt’s Central Bank have all played a role in attracting foreign investors into the Egyptian market, particularly in the payments and collections as well as the 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.
More To know About the Card
In order to ensure that the service meets the needs of customers, the OPay prepaid cards will be linked to the OPay mobile app. Connecting the card with the app will allow customers to request the issuance or cancellation of the prepaid card.
According to Ezz El-Din, this new move is part of the company’s ongoing efforts to expand its presence in the country.
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“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 agreed to work together last year to streamline the process of issuing financial cards.