Learn about BKN301, a fintech company specializing in Banking-as-a-Service solutions, as it expands internationally with the opening of a new office in Egypt.
Due to Egypt’s Vision 2030 program, which envisions the introduction of new government measures targeted at enhancing financial inclusion across the population, BKN301’s entrance into Egypt is a significant move. The fintech additionally disclosed that it will be able to access the North African market because to Egypt’s geographic location.
In order to strengthen the company’s position as a cross-border open-market player in the open banking and digital payments sector in the MENA region, a new dedicated office has also been opened in Cairo.
The announcement comes in the wake of BKN301’s opening in Qatar in September 2022 and its collaboration with Damen, a provider of electronic payment solutions located in Egypt. Damen provides more than 500 financial payment services, such as paying for flight reservations, loan instalments, and money transfers, in addition to paying for utilities including energy, gas, water, phone, and internet as well as charitable contributions and college and institute tuition.
BKN301’s founder and CEO, Stiven Muccioli, says: “Our presence in Egypt is a critical component of our expansion strategy. It enables us to have a direct presence in a nation where achieving financial inclusion as a government goal by 2030 and serving as a valuable point of contact for the North African economy.
“These areas’ development depends on the creation of sophisticated financial services, which must be available to everyone. Our goal is to give them an offer that satisfies this need.”
According to data from Egypt’s Central Bank, there will be a 147% increase in the number of people with bank accounts, Egyptian Post accounts, digital wallets, and prepaid cards between 2016 and 2022. As of the age of 16, there were approximately 42 million users, or 64.8% of the entire population.
By providing services that the area’s growingly affluent population needs, BKN301 aims to facilitate this expansion.