OPay Applies for Digital Banking Licence in Egypt

OPay has applied to the Central Bank of Egypt (CBE) for a licence to establish a digital bank, marking a further expansion of the fintech's operations in one of Africa's largest financial markets.

The application was submitted several months ago and remains under review by the central bank, according to a banking source cited by Egyptian fintech publication FinTech Gate. OPay has not yet received preliminary or final approval.

OPay already operates in Egypt as part of its wider financial services business. The digital banking application would take the company into a more extensive regulated banking model if approved.

The move comes as Egypt develops its digital banking infrastructure. The CBE issued regulations for digital banks in 2023 and granted the country's first digital banking licence to onebank in March 2026.

OPay's Existing Egyptian Business

OPay already has an established presence in Egypt, although the country remains a relatively small part of its overall business.

The company's 2025 financial information shows that Egypt accounted for 1.6% of OPay's revenue, compared with 88.1% from Nigeria and 9.9% from Indonesia. OPay currently operates across Nigeria, Indonesia, Egypt and Pakistan, offering payments, savings, credit and other financial services through its mobile platform.

A digital banking licence would give OPay the ability to broaden its financial services in Egypt under the country's banking regulatory framework, subject to approval and the completion of the required licensing process.

The application comes at a time when Egypt is strengthening the infrastructure supporting digital financial services. In August, the CBE approved regulations governing a Digital Financial Identity platform that will allow customers to complete identification and verification electronically and access banking services through digital channels.

OPay Expands Beyond Payments

The Egyptian application follows a period of rapid growth for OPay.

The fintech processed $358 billion in gross transaction value in 2025, up 115% from $166.2 billion in 2024. Monthly active users increased 57% to 39.3 million, while new loans originated rose 285% to $938.3 million.

Revenue increased 161% to $536.3 million, while operating income moved from a $35.1 million loss in 2024 to a $107.1 million profit in 2025. OPay also reported a net profit of $72.47 million for the year, compared with a $50.98 million loss in 2024.

Nigeria remains the company's main source of revenue, accounting for more than 88% of its 2025 total. The figures indicate that OPay's expansion beyond payments is increasingly centred on lending and other financial services alongside its core transaction business.

Competition in Egypt's Digital Banking Market

OPay's application would add another major fintech operator to Egypt's emerging digital banking market.

The CBE granted onebank the country's first digital banking licence in March, while CIB received preliminary approval in August to establish yomo digital bank, with a planned $300 million investment in the platform.

The CBE has also introduced new rules for payment system operators and payment service providers, covering licensing requirements for domestic and foreign-based institutions providing payment services in Egypt.

For OPay, the application represents a move to deepen its position in Egypt's financial sector. However, the company still needs to secure regulatory approval before it can establish and operate a digital bank in the country.