OPay – WireUp

NanoPay, a product of OPay, won the Bronze STEVIE® Award of “Product and Service Innovation Award” in 2022 American Business Awards® on April 27, 2022. With innovative financial technology products, OPay provides users in emerging markets with convenient services and support, has won the recognition of the Stevie Awards. The winners also included Cisco, Shell, UOB and other companies. The awards ceremony will be held in New York, on Wednesday, June 29.

The Stevie Awards organizes eight of the world’s leading business awards programs, also including the prestigious American Business Awards® and International Business Awards®. More than 3,700 nominations from organizations of all sizes and in virtually every industry were submitted this year for consideration in a wide range of categories. More than 230 professionals worldwide participated in the judging process to select this year’s Stevie Award winners.

Founded in 2018, OPay Group’s early success is attributed to its commitment to making financial services accessible to all. It has grown into a global top financial service provider and a fintech unicorn in emerging markets, with operations in Southeast Asia, Africa, Latin America and other places. OPay is also a technology company in essence. It has unique advantages in the fields of technology services, artificial intelligence, software and information services, and plays an important role in assisting the transformation of financial technology in emerging markets.

NanoPay is one of the products owned by OPay that provides different types of credit cards based on the user’s credit history. The advantages of NanoPay include a 100% online process, friendly customer experience, easy application and fast approval, etc. NanoPay is powered by Visa, which is 100% digital and can be paid in multiple scenarios, both online and in physical stores. Only a few months after its launch in Mexico, NanoPay was widely accepted and used.

NanoPay’s team has more than ten years of senior experience in overseas banks and financial institutions. Based on core technologies such as machine learning, data mining, and artificial intelligence, NanoPay has independently built and improved risk control systems. Besides, combined with massive inventory data, the system can quickly review user information, identify user credit background, and build up user profiles. After conducting user analysis, financial products with different interest rates and billing periods can be introduced to customers to satisfy a wide range of inquiries and needs. This innovative method has significantly increased the level of financial services in multiple emerging markets.

A Stevie Awards official remarked,”Financial inclusion of masses, particularly the common people with moderate income, can potentially transform a country. OPay is moving in the right direction. OPay’s innovation in the financial services industry in Southeast Asia, South Asia, and Latin America markets was impressive.”

Previously, OPay won the best new POS payment service provider in Egypt for 2021 award from the British “The Global Economics,” based on its outstanding performance in the field of fintech in emerging markets.

SOURCE OPay

Emerging market fintech unicorn OPay has received preliminary approval from the Central Bank of Egypt (CBE) on April 13 to partner with Masria Digital Payments (MDP), Egypt’s largest card provider, to issue prepaid cards in Egypt.

OPay plans to issue 200,000 prepaid cards in the first phase, which will provide Egyptian users with convenient and fast non-bank financial services and promote the arrival of Egypt’s cashless society.

According to a March report from Research and Markets, the world’s leading market analysis agency, the prepaid card market (value terms) in Egypt increased at a CAGR of 14.9% during 2017-2021. Over the forecast period of 2022 to 2026, the market is expected to record a CAGR of 16.2%, increasing from US$2.75 billion in 2022 to reach US$5.00 billion by 2026.

OPay plans to issue 200,000 prepaid cards in the first phase to provide digital payment solutions for the local market. For example, customers can deposit funds without opening a bank account and use them for cash withdrawals and shopping payments, which helps In order to further meet the needs of OPay customers for more convenient and accessible non-bank financial services.

OPay’s partner is Masria Digital Payments（MDP）, which has been established for more than 30 years. It focuses on the whole chain cycle of card production, issuance and payment processing, and is the largest card supplier in Egypt.

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 services in buying and selling operations and to meet their financial needs whenever and wherever they are.”

OPay formed a partnership with Banque Misr, Egypt’s second largest state-owned bank, in January this year to provide electronic collection services to merchants and small and medium-sized enterprises of the bank’s partners. By continuously establishing cooperation with large local financial institutions in Egypt, OPay is changing the pattern of Egypt’s financial market and helping Egypt’s digital economy to flourish.

In August 2021, OPay completed a $400 million Series C financing. This round of financing was led by SoftBank Vision Fund 2, followed by Long-Z Capital, Sequoia Capital, RedPoint China, Source Code Capital, SoftBank Ventures Asia, and 3W Capital. cast. After this financing, OPay has become a new financial technology unicorn in Emerging Markets, with a valuation of $2 billion.

Previously, OPay completed a total of $120 million in Series B financing on November 18, 2019.

SOURCE OPay

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OPay Honored as Bronze STEVIE® Award Winner In 2022 American Business Awards® for Product and Service Innovation Award

OPay Was Approved by The Central Bank of Egypt to Issue Prepaid Cards to Help Digital Finance Reform in Emerging Markets

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