dopay, a fintech firm that offers payroll services to unbanked employees, has secured a banking agent licence in Egypt.
The company secured the licence through Arab Banking Corporation Egypt (Bank ABC Egypt).
This greenlights dopay to introduce a virtual banking platform for local businesses that will enable them to open personal accounts for their employees. The service can also be extended to contractors and other beneficiaries.
The account will offer the employees a prepaid debit card and access to mainstream banking facilities. The arrangement will also support real-time payments to employee accounts.
dopay founder and CEO Frans van Eersel said: “I am delighted that, after rigorous scrutiny, the Central Bank of Egypt has recognised the security and efficiency of our platform and product. 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.”
dopay Head of Business Gasser Hosni said: “This platform is a gamechanger for Egypt in terms of accessibility, speed and convenience of payments. As businesses can use their existing bank account to leverage dopay’s platform, they can start benefiting from the service immediately.
“The onboarding and payment experience is seamless and fully digital, with staff receiving their prepaid debit card in just one business day.”
Egypt is said to have around 2.4 million individual businesses. Around 67% of the population do not have a bank account.