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.