Opay Nigeria, one of the largest fintech companies in Africa, with over 30 million users, about 500,000 agents and more than 300,000 merchants, 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 Opay’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.
OPay Nigeria, which last unveiled a new logo to mark its 5th anniversary as it rebranded, said the change not only symbolized its significant growth and impact over the years but also represents its promise into a new era with enhanced services, technological advancements, and the aim to solidify its position as the most reliable financial platform in Nigeria.