Cairo-based fintech company Dopay has obtained a banking agent license through Arab Banking Corporation Egypt (Bank ABC), allowing it to launch a virtual banking platform enabling small and medium-sized businesses ( PME) to pay in real time. beneficiaries and employees.
The partnership will see the implementation of a highly innovative banking solution designed for SMEs in emerging markets.
Dopay founder and CEO Frans van Eersel said he was “delighted” that “after a rigorous review, the Central Bank of Egypt [CBE] has recognized the safety and effectiveness of our platform and our product.
He described obtaining the license as “an important milestone in our journey to become a leading virtual banking platform in Egypt”.
Dopay’s platform allows businesses to create personal accounts for their employees, contractors, and other beneficiaries through a streamlined process that only takes seconds. Workers can be paid instantly, even on weekends and on holidays, as each account provides prepaid debit cards with 24-hour access to funds.
Egypt is becoming the primary market in which Dopay operates, a key founding country given that around two-thirds of the country’s population are unbanked, while over 90% do not have access to credit or finance. .
Gasser Hosni, Chief Business Officer of Dopay, described the platform as “a game changer for Egypt in terms of accessibility, speed and convenience of payments”.
Meanwhile, Jaas Reinking, director of private equity at Dutch Entrepreneurial Development Bank FMO, for whom Dopay is a client, said that “accessible and affordable payment platforms, like dopay’s in Egypt, are increasingly promoting plus financial inclusion and hence the effective pursuit of many of the United Nations Sustainable Development Goals.
Already with hundreds of active clients ranging from SMEs to multinationals like McDonalds, Dopay intends to serve the country’s rapidly growing businesses.