Egypt: Opay’s Ambitious Plan- Applying for a Digital Bank License in Egypt

Fintech firm Opay is gearing up to apply for a digital bank license in Egypt, with a proposed capital of $60 million, as revealed in a press release on July 30th.

This move aligns with Opay’s commitment to playing a pivotal role in expanding Egypt’s digital economy, supporting the nation’s digital transformation plan, and advancing the principles of financial inclusion.

Mahmoud Khedr, Director of Business Development and Partnership at Opay, expressed the company’s accomplishments from the previous year, highlighting sales valued at over $50 billion and a user base of approximately 30 million across all countries. He further emphasized their ambitious goals to surpass these achievements in the current year, setting unprecedented records.

The Central Bank of Egypt (CBE) introduced new regulations for licensing and registering digital banks on July 12th. Among the requirements, digital banks must have an issued and paid-up capital of no less than EGP 2 billion if they engage in all banking businesses, except for financing major companies.

Opay’s endeavor to secure a digital bank license reflects its dedication to bolstering Egypt’s financial landscape and fostering an inclusive digital economy, with a focus on advancing financial services accessibility and transforming the nation’s financial sector.