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.
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.