The Banking Executive Magazine - April 2022 Issue

OPAY OPAY OBTAINS APPROVAL OF EGYPT'S CBE TO ISSUE PREPAID CARDS OPay Egypt — a company for fintech solutions and electronic payments — announced that it has obtained pre- liminary approval from the Central Bank of Egypt (CBE) to issue prepaid cards through its application in co- operation with the Egyptian Cards Company, the largest supplier of cards in the local and regional mar- ket. OPay Egypt is working to provide all digital payment solutions in the local market by issuing prepaid cards that enable customers to deposit sums of money and use them for cash with- drawals and purchases without the need to open a bank account, as these cards contribute to providing OPay’s customer base with a batch of services that meet their needs. Mahmoud Khader — the Head of Business Development and Strategic Partnerships at OPay — said: “We are very pleased to cooperate with the Egyptian Card Company to issue prepaid cards, as it provides more than one payment option, which will greatly contribute to continuing our endeavours to provide the best non- banking services to our customers through a smooth and easy system represented in prepaid cards, which enables them to benefit from its serv- ices in buying and selling operations and to meet their financial needs whenever and wherever they are.” He added that this cooperation comes in order to enhance financial inclusion operations as well as to im- plement the plan of the National Payments Council, referring to the presidential initiative for economic reform and the resulting decisions and initiatives from the CBE that con- tributed greatly to attracting more foreign investors to the Egyptian mar- ket, especially in the field of pay- ments, collections, and fintech. Khader also praised the role of the CBE in issuing a package of decisions that ensure competitiveness, which would benefit the Egyptian citizen to provide the best financial solutions that suit all segments of society. Hisham Ezz Al-Din — the Head of the Digital Business and Card Serv- ices Sector — said: “We are working hard to enhance our presence in the Egyptian local market, provide new electronic payment and collection methods, and support our customers through a comprehensive system, which contributes to advancing dig- ital transformation, supporting finan- cial inclusion, and reaching a cashless society in light of the strat- egy of the CBE and the directions of the Egyptian state in building a digi- tal Egypt by 2030.” Ezz Al-Din also added that OPay will link the prepaid card to the com- pany’s mobile application in order to provide for all customer demands, where the customer can request the issuance or cancellation of their card through the application. He stressed that OPay always strives to provide the best electronic serv- ices to the Egyptian market, taking into account all the means of protec- tion and safety for the company’s customers. OPay signed a cooperation protocol with the Egyptian Cards Company last year in order to issue their bank cards. ISSUE 160 APRIL 2022 the BANKING EXECUTIVE 37