October 7, 2024 – Cairo, Egypt:
Belbaqy, a leading financial technology platform, has announced a strategic partnership with OPay, a prominent player in the electronic payments and smart payment services sector. This collaboration aims to significantly expand Belbaqy’s point-of-sale (POS) network across Egypt, enhancing the accessibility of its financial services, particularly in remote and underserved areas.
Expanding Reach Across Egypt
By leveraging OPay’s extensive network, which boasts over 90,000 points of sale across Egypt’s governorates, Belbaqy plans to scale its presence nationwide. The partnership will accelerate the availability of Belbaqy’s services on approximately 80% of the POS systems operated by electronic payment companies in Egypt. This expansion will ensure Belbaqy’s financial services reach even the most remote villages and hamlets, supporting its mission to make financial solutions accessible to all Egyptians.
Promoting Financial Literacy and Micro-Investments
Beyond physical expansion, the partnership emphasizes Belbaqy’s commitment to promoting financial literacy and sustainability. The platform enables users to invest spare change from everyday transactions through micro-investments, allowing individuals to benefit from cumulative returns. This unique approach transforms small leftover amounts into valuable savings and long-term investments, promoting conscious financial behavior.
Innovating Digital Payment Solutions
The collaboration highlights OPay’s dedication to innovation in Egypt’s fintech landscape. Known for offering a wide array of digital payment solutions, OPay continues to work closely with key stakeholders in the country’s financial sector to drive advancements. Together, OPay and Belbaqy aim to introduce innovative financial solutions tailored to the needs of diverse segments of society, particularly underserved populations such as women and those in rural areas.
Financial Waste Reduction and Empowering Women
One of the key focuses of the partnership is reducing financial waste through conscious saving strategies. Belbaqy encourages individuals to convert surplus from daily financial transactions—such as grocery shopping, transportation, and bill payments—into investments. Additionally, the platform links cash rewards from online shopping and rewards programs to investment opportunities, promoting efficient use of financial resources. Special tools will also be introduced to empower women with tailored financial solutions, helping them manage their finances and save efficiently.
Leadership Remarks
Osama El Shafei, CEO of Belbaqy, expressed optimism about the partnership, stating:
“Our partnership with OPay marks a pivotal step toward enhancing financial inclusion in Egypt. We are committed to providing innovative solutions that empower individuals, particularly in rural areas and among women, to access sustainable financial services. We believe this collaboration will enable users to turn every transaction into a valuable investment opportunity, contributing to the financial empowerment of the unbanked population.”
Mahmoud Khader, CEO of OPay, echoed these sentiments:
“We are excited to be part of this major transformation in the Egyptian market through our partnership with Belbaqy. Innovation is key to unlocking new horizons in digital payments, and our collaboration reflects a shared vision of enabling communities to access advanced financial solutions. Together, we are committed to fostering a more sustainable financial future, and this partnership will introduce new opportunities for innovation and growth in the digital payment sector.”
A Step Toward Financial Inclusion and Sustainability
This partnership marks a significant milestone in promoting financial inclusion and sustainable development in Egypt. Belbaqy and OPay aim to create a financial environment where even the smallest amounts of money can contribute to meaningful savings and investments, proving that small actions can lead to significant changes.
With a focus on expanding financial access and empowering underserved communities, this collaboration underscores both companies’ commitment to building a more inclusive and sustainable financial ecosystem in Egypt.