Dopay‘s plans to launch a next generation virtual banking platform are on track after the fintech is awarded a banking agent licence in Egypt.
The Cairo-based bank, on a mission to drive financial inclusion, has been awarded a banking agent licence through Arab Banking Corporation Egypt (Bank ABC Egypt).
In a partnership, Dopay and Bank ABC Egypt will build and implement a platform described as ‘a gamechanger for Egypt in terms of accessibility, speed and convenience of payments’. Currently, 67 per cent of Egyptians do not have a bank account, while 94 per cent have no access to credit.
Businesses will be able to instantly open Dopay accounts for employees and other beneficiaries, and pay them in real-time, in accordance with the guidelines set by the Bank. Each Dopay account provides a prepaid debit card, enabling 24/7 access to funds. While, enrolled businesses benefit from a secure and cashless payroll.
“I am delighted that, after rigorous scrutiny, the Central Bank of Egypt has recognised the security and efficiency of our platform and product,” said Frans van Eersel, founder and CEO of Dopay. “Obtaining this licence is a significant landmark on our journey to becoming a leading virtual banking platform in Egypt.
“I am very proud of Dopay’s team of innovators who have taken us successfully to this milestone and I am also appreciative of the support of Bank ABC Egypt. Being granted this licence is also a vital next step to making our platform the foundation for delivery of many more new services to come.”
According to Dopay, it also has extensive MENA-focused expansion plans, building on established and growing operations in Egypt.
Its investor base includes Force over Mass Capital and Dutch entrepreneurial development bank FMO, as well as Techstars Ventures, Ace and Company, and the NN Group.