Dopay, the Cairo-based bank that is looking to build the next generation digital banking platform, has announced that it has received its Banking Agent License through Arab Banking Corporation Egypt (ABC Egypt).
The two banks have entered into a partnership to build a platform that will be a first-of-its-kind platform in Egypt that will focus on digital banking and on delivering financial services to its users rapidly and reliably. It is stated that currently, around 67% of the Egyptians do not have a bank account while 94% do not have access to credit and this just gives an idea of the kind of potential that the country has in terms of banking growth and why startups need to invest in the country for building fintech firms.
“I am delighted that, after rigorous scrutiny, the Central Bank of Egypt has recognized the security and efficiency of our platform and product,” said Frans van Eersel, founder and CEO of Dopay. “Obtaining this license is a significant landmark on our journey to becoming a leading virtual banking platform in Egypt.
With the acquisition of this license and the building of the p[latform, users would be able to start their bank accounts almost instantly and would be able to send through payments in real-time. The users would also be given a prepaid debit card which means that they have access to their funds 24×7 which would be a game-changer as far as the Egyptian market is concerned. With Europe and the US getting saturated as a market for financial services, startups are beginning to roll out advanced products and features in other regions like the Middle East and Africa which have been underserved so far.
“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 license is also a vital next step to making our platform the foundation for the delivery of many more new services to come”, said Frans.
Dopay has also said that it has plans to expand into other regions of the Middle East after it lays a good foundation within Egypt. The business model, if proved to be successful in the country, can then be replicated across several countries in the region which continues to have large parts of the population that are still unbanked.
