Opay, a prominent fintech heavyweight focusing on emerging markets, is contemplating growth in the Egyptian market. This move comes after it reportedly sought a license to form a digital bank in North Africa.
Mahmoud Khedr, the Head of Business Development and Strategic Partnerships at Opay, shared his enthusiasm via an email statement sent to Techloy: “We look forward to securing a license to launch a digital bank in Egypt and to collaborate closely with the Central Bank of Egypt and all related authorities. This step marks a fresh start in aligning with global progress in the field of financial technology.”
Khedr revealed that the company’s sales volume in the region hit $50 billion in 2022, emphasizing that OPay has five years of experience in the fintech sector in its operational countries. The company has set aside $60 million in capital to secure a license for establishing its digital banking services.
In 2021, Opay attained a valuation of $2 billion after a successful funding round led by SoftBank Vision Fund 2, raising $400 million. This achievement positioned it as an African fintech unicorn.