Leading fintech platform in Egypt, OPay has revealed that the company has been licensed to issue prepaid cards from the Central Bank of Egypt through its OPay app.

According to OPay, the prepaid cards will be issued in cooperation with the Egyptian Cards Company - the largest card distributer in the local and regional market.

This is another move by the fintech startup to provide digital financial solutions in Egypt and across the middle east and north African region.

Customers can now use the new prepaid cards to withdraw money after they have deposited money through the app. The prepaid cards can also be used to make purchases without having to open a bank account.

Speaking about this development, 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.”

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Khedr further pointed out that the prepaid cards will “allow our customers to use the cards in paying and purchasing, and meets their financial needs wherever they are.”

He also emphasised that this update comes to reinforce the company's efforts to achieve financial inclusion in Egypt.

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.”