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# Opay is planning to launch a digital bank in Egypt
- URL: https://www.techloy.com/opay-is-planning-to-launch-a-digital-bank-in-egypt/
- Published: 2023-07-31T16:29:59.000Z
- Updated: 2023-07-31T16:29:59.000Z
- Author: Techloy
- Tags: / News, Egypt, / Fintech

Emerging markets-focused fintech giant Opay is considering expanding in the Egyptian market after it reportedly applied for a license to establish a digital bank in the North African country.

According to Mahmoud Khedr, the Head of Business Development and Strategic Partnerships at Opay: “We are excited to obtain a license to establish a digital bank in Egypt, and to work hand in hand with the Central Bank of Egypt and all relevant authorities to start this step, which represents a new beginning to keep pace with global developments in the field of financial technology," in an email statement sent to *Techloy*.

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Khedr, who said that the company's sales volume in the region amounted to $50 billion in 2022, added that OPay has five years of experience in the financial technology sector in the countries in which it operates. The company has earmarked a capital of $60 million for a license to establish its digital banking services.

Opay was valued at $2 billion in 2021, after it raised $400 million in a SoftBank Vision Fund 2-led funding round, making it an African fintech unicorn.

*This is a developing story.*

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