{"id":545786,"date":"2022-04-12T04:09:56","date_gmt":"2022-04-12T04:09:56","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/04\/12\/nigeria-based-fintech-opay-moves-forward-with-pre-paid-cards-and-more-in-egypt\/"},"modified":"2022-04-12T04:09:56","modified_gmt":"2022-04-12T04:09:56","slug":"nigeria-based-fintech-opay-moves-forward-with-pre-paid-cards-and-more-in-egypt","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/04\/12\/nigeria-based-fintech-opay-moves-forward-with-pre-paid-cards-and-more-in-egypt\/","title":{"rendered":"Nigeria-based fintech OPay moves forward with pre-paid cards and more in Egypt"},"content":{"rendered":"

OPay is expanding in Egypt: <\/strong>Nigeria-based fintech player OPay is preparing to expand its footprint in Egypt, launching pre-paid cards and linking up with the central bank\u2019s new digital payment app less than a year after it first entered the country. The company has partnered with Masria Digital Payments (MDP) on its new pre-paid cards, which are pending approval from the Central Bank of Egypt (CBE), the company\u2019s director of business development and partnership for Egypt and North Africa, Mahmoud Khedr, told Enterprise, confirming a report from Al Mal<\/a>. It expects to issue some 200k cards in the first phase of its rollout, he said.<\/p>\n

OPay plans to join the CBE\u2019s new digital payment app + get a new PayFac license: <\/strong>The fintech outfit will soon apply to join the CBE\u2019s new national digital payment app, InstaPay<\/a>, Khedr said, explaining that the instant payment network is a \u201cfundamental turning point for the payments landscape in Egypt.\u201d OPay is also in talks with an unnamed local bank for a new payment facilitator license (which would allow it to receive and process payments on behalf of banks, making it easier for businesses to accept electronic payments), he added. Opay has already obtained licenses to receive and process credit payments for Banque Misr and the National Bank of Egypt.<\/p>\n

SOUND SMART-<\/strong> Payment facilitators<\/a> say they offer businesses an easier route to accepting card payments by including them under a \u201cmaster merchant account\u201d \u2014 saving them the time and effort of having to get approvals for an individual account. Payfacs help get merchants ready to process payments in hours \u2014 as opposed to days or weeks for the traditional route, which goes through banks directly. Payfacs say this spares their clients from dealing with harder-to-navigate bank bureaucracies.<\/p>\n

\u201cNew service\u201d to launch in 3Q2022:<\/strong> The company is gearing up to launch a new service in Egypt in 3Q, which would be a \u201cfirst for the MENA region,\u201d Khedr said, without disclosing what the service will be. This will come as part of its wider expansion in Egypt, which will include opening more branches and using the country as a \u201ccenter\u201d for its service operations in the MENA region.<\/p>\n

About<\/strong> OPay: <\/strong>The Nigerian firm became Africa\u2019s second fintech unicorn last year after raising USD 400 mn<\/a> in a SoftBank-led funding round that valued it at USD 2 bn. The company opened<\/a> its first brick and mortar shop in Egypt in March, after launching operations in the country in 2021. OPay currently has tens of thousands of points of sale (POS) across the country, processing mns of transactions per month, Khedr told us. It\u2019s now expecting 300% growth this year.<\/p>\n

More African fintechs following OPay here?<\/strong> Churpy<\/a>, a Kenyan account receivables automation startup, and ImaliPay<\/a>, a financial services firm aimed at gig workers, have both said recently they are preparing to enter Egypt.<\/p>\n

Our fintech industry has been getting a lot of interest lately: <\/strong>A stream of local fintech startups have secured new investment this year, including Khazna, which raised USD 38 mn in a series A round<\/a>, and Lucky, which received USD 25 mn in its series A<\/a>. Other fintechs closing investment rounds in 2022 include MoneyHash<\/a>, PayMint<\/a> and FlapKap<\/a>.<\/p>\n

For thoughts on What\u2019s Next in the fintech space, check out our latest podcast,<\/strong> which dropped on Sunday and features Khazna and Kashat alongside VCs Accion and Cairo Angels \u2014 with a special appearance by the Central Bank of Egypt. Listen here on Apple Podcasts<\/a> (or use the player at the foot of our website here<\/a>) or read a summary here<\/a> instead.<\/p>\n

OTHER FINTECH NEWS-<\/strong> Visa will provide digital payment services for Orange <\/strong>Cash users<\/strong> after signing an agreement with the telecoms company, the two companies announced in a joint press release (pdf)<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

OPay is expanding in Egypt: Nigeria-based fintech player OPay is preparing to expand its footprint in Egypt, launching pre-paid cards and linking up with the central bank\u2019s new digital payment app less than a year after it first entered the country. The company has partnered with Masria Digital Payments (MDP) on its new pre-paid cards, […]<\/p>\n","protected":false},"author":1,"featured_media":545787,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7323],"tags":[72,183,1458,125,1078,842,1681,1680,666],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-545786","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-fintech","tag-enterpriseam","tag-fintech","tag-instapay","tag-investment-watch","tag-opay","tag-orange-egypt","tag-payfac","tag-pre-paid-cards","tag-visa","wpautop","entry"],"acf":{"mongo_id":"773c060f-4e62-4f1e-9b99-cd01b5e8037b","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2022\/4\/211.jpg","photo_position":"above","related_issue":[545778],"teaser":"","voice_url":""},"yoast_head":"\nNigeria-based fintech OPay moves forward with pre-paid cards and more in Egypt - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2022\/04\/12\/nigeria-based-fintech-opay-moves-forward-with-pre-paid-cards-and-more-in-egypt\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Nigeria-based fintech OPay moves forward with pre-paid cards and more in Egypt\" \/>\n<meta property=\"og:description\" content=\"OPay is expanding in Egypt: Nigeria-based fintech player OPay is preparing to expand its footprint in Egypt, launching pre-paid cards and linking up with the central bank\u2019s new digital payment app less than a year after it first entered the country. 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OPay expects to issue some 200k cards in\u2026","rel":"","context":"In "Fintech"","block_context":{"text":"Fintech","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/fintech\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/4\/252.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":550652,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/04\/13\/this-evening-cbe-gives-opay-greenlight-to-issue-pre-paid-cards-rology-raises-series-a-round-e-commerce-startup-kemitt-has-launched-kemitt-business\/","url_meta":{"origin":545786,"position":1},"title":"THIS EVENING: CBE gives OPay greenlight to issue pre-paid cards + Rology raises series A round + E-commerce startup Kemitt has launched Kemitt Business","author":"enterpriseam admin","date":"13 April 2022","format":false,"excerpt":"It\u2019s one of those days that aren\u2019t quite slow, but haven\u2019t quite taken shape with a clear leading story or theme to the news day. Instead, there\u2019s a smattering of interesting tidbits on the homefront to keep your eye on as you wind down your afternoon. THE BIG STORIES TODAY#1-\u2026","rel":"","context":"In "WHAT WE\u2019RE TRACKING TONIGHT"","block_context":{"text":"WHAT WE\u2019RE TRACKING TONIGHT","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-tonight\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":591191,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/08\/01\/adib-egypt-receives-license-to-set-up-microlender-plus-opay-wants-a-digital-banking-license-tenders-for-infrastructure-and-industrial-projects\/","url_meta":{"origin":545786,"position":2},"title":"ADIB Egypt receives license to set up microlender. 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The company, which provides flexible salary payment services, is already active in the UAE and Saudi Arabia, and is now making Egypt its third market with the opening of\u2026","rel":"","context":"In "Startup watch"","block_context":{"text":"Startup watch","link":"https:\/\/enterpriseam.com\/egypt\/category\/companies\/startup-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":619914,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/05\/13\/banque-misrs-mdi-has-poured-some-egp-2-5-bn-into-onebank-plus-news-from-elsewedy-electric-opay-edita\/","url_meta":{"origin":545786,"position":4},"title":"Banque Misr\u2019s MDI has poured some EGP 2.5 bn into Onebank. PLUS: News from Elsewedy Electric, OPay, Edita","author":"enterpriseam admin","date":"13 May 2024","format":false,"excerpt":"MDI received preliminary approval last week from the Central Bank of Egypt to launch Onebank","rel":"","context":"In "Also on our Radar"","block_context":{"text":"Also on our Radar","link":"https:\/\/enterpriseam.com\/egypt\/category\/also-on-our-radar\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/5\/837.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":547744,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/07\/05\/lets-all-say-hello-to-yap\/","url_meta":{"origin":545786,"position":5},"title":"Let\u2019s all say hello to YAP","author":"enterpriseam admin","date":"5 July 2022","format":false,"excerpt":"UAE fintech YAP plans to expand into Egypt next year after raising USD 41 mn in funding led by Saudi Arabia's Aljazira Capital, Abu Dawood Group, Astra Group and Audacia Capital, according to a press release picked up by Zawya. 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