{"id":545865,"date":"2022-04-14T04:10:03","date_gmt":"2022-04-14T04:10:03","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/04\/14\/opay-lands-cbe-approval-to-issue-pre-paid-cards\/"},"modified":"2022-04-14T04:10:03","modified_gmt":"2022-04-14T04:10:03","slug":"opay-lands-cbe-approval-to-issue-pre-paid-cards","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/04\/14\/opay-lands-cbe-approval-to-issue-pre-paid-cards\/","title":{"rendered":"OPay lands CBE approval to issue pre-paid cards"},"content":{"rendered":"

<\/a> CBE gives OPay greenlight to issue pre-paid cards:<\/strong> China-backed fintech player OPay has received preliminary approval from the Central Bank of Egypt (CBE) to issue pre-paid cards in partnership with Masria Digital Payments (MDP), the company said in a press release (pdf)<\/a>. OPay expects to issue some 200k cards in the first phase of its rollout, the company\u2019s director of business development and partnership for Egypt and North Africa, Mahmoud Khedr, told Enterprise recently<\/a>.<\/p>\n

OPay launched in Egypt last year<\/strong> and currently has tens of thousands of points of sale (POS) across the country, processing mns of transactions per month. It was backed by SoftBank\u2019s Vision 2 fund<\/a> in a USD 400 mn funding round that valued it at USD 2 bn.<\/p>\n

OPay has big plans for Egypt: <\/strong>The fintech outfit plans to join the CBE\u2019s new digital payment app, InstaPay<\/a>, and is also in talks with an unnamed local bank for a new payment facilitator license. The company is also gearing up to launch a new service in Egypt in 3Q2022, which would be a \u201cfirst for the MENA region.\u201d 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

EDITOR'S NOTE- This story was amended on 14 April, 2022, to reflect that OPay is China-backed. The story originally said the fintech player is based in Nigeria.<\/em><\/p>\n

IN OTHER FINTECH NEWS-<\/strong><\/p>\n

NBE gets a PayFac license to partner with Geidea on e-payments: <\/strong>State-owned National Bank of Egypt (NBE) has received a payments facilitator license allowing it to partner with Saudi SME fintech player Geidea<\/a> to launch digital payments services including contactless and QR-code enabled payments, according to a press release (pdf)<\/a>. Geidea has reportedly signed a similar agreement with Banque Misr, we noted<\/a>previously<\/a>.<\/p>\n

What\u2019s PayFac?<\/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 on a 1:1 basis. Payfacs say this spares their clients from dealing with harder-to-navigate bank bureaucracies.<\/p>\n","protected":false},"excerpt":{"rendered":"

CBE gives OPay greenlight to issue pre-paid cards: China-backed fintech player OPay has received preliminary approval from the Central Bank of Egypt (CBE) to issue pre-paid cards in partnership with Masria Digital Payments (MDP), the company said in a press release (pdf). OPay expects to issue some 200k cards in the first phase of its […]<\/p>\n","protected":false},"author":1,"featured_media":545866,"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":[72,183,1078,1680],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-545865","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-fintech","tag-enterpriseam","tag-fintech","tag-opay","tag-pre-paid-cards","wpautop","entry"],"acf":{"mongo_id":"b88328c9-7e95-4a80-b4fa-dffd7360c4ac","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2022\/4\/252.jpg","photo_position":"above","related_issue":[545852],"teaser":"","voice_url":""},"yoast_head":"\nOPay lands CBE approval to issue pre-paid cards - 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\/14\/opay-lands-cbe-approval-to-issue-pre-paid-cards\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"OPay lands CBE approval to issue pre-paid cards\" \/>\n<meta property=\"og:description\" content=\"CBE gives OPay greenlight to issue pre-paid cards: China-backed fintech player OPay has received preliminary approval from the Central Bank of Egypt (CBE) to issue pre-paid cards in partnership with Masria Digital Payments (MDP), the company said in a press release (pdf). 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The company has partnered with Masria Digital Payments (MDP)\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\/211.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":545865,"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":545865,"position":2},"title":"ADIB Egypt receives license to set up microlender. PLUS: OPay wants a digital banking license, tenders for infrastructure and industrial projects","author":"enterpriseam admin","date":"1 August 2023","format":false,"excerpt":"The lender wants to open 200 branches across the country","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\/2023\/8\/3.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":546052,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/04\/26\/uae-based-fintech-platform-flexxpay-to-make-egypt-its-third-market\/","url_meta":{"origin":545865,"position":3},"title":"UAE-based fintech platform FlexxPay to make Egypt its third market","author":"enterpriseam admin","date":"26 April 2022","format":false,"excerpt":"FlexxPay lands in Egypt: UAE-based fintech platform FlexxPay is expanding to Egypt, it announced in a press statement (pdf) last week. 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":545865,"position":4},"title":"Banque Misr\u2019s MDI has poured some EGP 2.5 bn into Onebank. 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