OPay has reportedly applied for a digital banking licence in Egypt, according to local media reports, in a move that could expand the fintech’s presence beyond its core Nigerian market.
The reports say OPay has submitted documents to the Central Bank of Egypt (CBE) as part of its application. These reportedly include details of the company’s shareholder structure, marketing and technology plans, as well as its insurance systems.
The application comes roughly three years after reports first emerged that OPay was exploring an entry into Egypt. At the time, the fintech was reportedly planning to invest about $60 million in establishing its operations in the North African country.
OPay’s latest push into Egypt comes at an important point for the company. The fintech reportedly recorded significant growth in its 2025 financial year, with revenue increasing 161% to $536.25 million and net profit reaching $72.47 million. Its gross transaction value also rose during the year to $358 billion, highlighting the scale of its payments business.
The company is also preparing for an initial public offering, with a US listing widely expected to be its primary target. More recent reports have suggested that OPay could also pursue a listing on the Nigerian Exchange Group (NGX). Standard Bank has also reportedly explored an investment in the fintech ahead of a potential IPO.
Despite the strong financial performance, OPay has faced some challenges recently. Over the past week, reports circulated suggesting that the fintech could shut down its operations in September.
OPay has pushed back against the claims and threatened legal action over the reports.
Its reported interest in Egypt also comes as competition in the country’s digital banking sector continues to develop. The CBE recently granted OneBank a licence to provide digital banking services, adding another player to Egypt’s growing digital financial services market.
If approved, OPay’s licence would give the fintech an opportunity to tap into Egypt’s large and increasingly digital financial services market while adding a new geography to its expansion strategy.
Last updated: September 3, 2026
