Arab Bank Egypt announced the signing of a cooperation agreement with Octo, the leading fintech company specialized in developing digital banking solutions in Egypt, to issue prepaid cards. The aim is to provide secure, modern, and easy-to-use financial solutions for users in the Egyptian market, Invest-Gate reports.

This collaboration comes within the framework of Arab Bank’s strategy to enhance its digital presence in Egypt through strategic agreements with innovative fintech companies, reflecting the bank’s commitment to supporting digital transformation and adopting the latest financial technologies.

The Octo prepaid card issued by Arab Bank allows users to enjoy a seamless experience in purchasing, online shopping, and cash withdrawals from ATMs across Egypt, while being linked to the Octo smart app. The card also enables users to benefit from instant transfer services via the “Instapay” network, the national real-time payments network.

Statements from Officials on the Collaboration

Commenting on the partnership, Ahmed Ismail Hassan, Regional and Branch Manager of Arab Bank – Egypt, said:
“This collaboration comes as part of Arab Bank’s strategy to drive digital transformation and enhance financial inclusion through secure and organized channels, in cooperation with fintech companies.

The bank is committed to developing the banking experience in Egypt by providing solutions that meet our clients’ needs and support the growth of the financial sector.” He added: “Through the bank’s cooperation with Octo, innovative financial services will be offered to the Egyptian market. This project embodies the bank’s commitment to innovation and strengthens its leading position in the banking sector.”

For his part, Karl Marco, CEO of Octo, said: “This collaboration represents a pivotal step for Octo. Through our partnership with Arab Bank and Visa, as well as MDP, we give users greater control over their money through a fast, secure, and easy-to-use payment method. Our goal is to make digital financial services accessible to everyone, just like smartphone apps, and this collaboration is a major step toward achieving that.”

Youssef Katamish, CTO of Octo, added: “We wanted to make money management a seamless and integrated experience. Leveraging Arab Bank’s decades of expertise, Visa’s global reach, and MDP’s trusted payment processing, we created a product that is fast, secure, and easy to use whenever the user needs it.”

Ahmed Nafea, CEO of MDP, also stated: “We are proud to be the technology partner behind the launch of the Octo prepaid card. By employing the latest technologies and innovative payment solutions, we enabled Octo to deliver a secure and scalable product in the market. This collaboration reflects our ongoing commitment to supporting digital financial inclusion and empowering leading fintech companies to provide next-generation payment experiences.”

Malak El Baba, Vice President and General Manager of Visa Egypt, commented on the launch:
“At Visa, we take pride in being at the heart of the payments ecosystem, combining the power of innovation with our trusted partnerships to reshape financial experiences. We provide world-class technology and secure payment solutions that enhance trust and inspire confidence.

These agreements enable us to promote financial inclusion and open new opportunities for more Egyptians to participate in Egypt’s digital economy. We pay special attention to empowering entrepreneurs by providing them with the tools, resources, and support networks to thrive. Through initiatives like this, Visa continues its leadership role in building a vibrant and inclusive financial landscape, where innovation stimulates more opportunities. Together, we make a real impact and contribute to shaping a future where everyone can easily access the benefits of modern financial services.”

Overview of Participating Companies

About Arab Bank:

Arab Bank is one of the most prominent and successful financial institutions in the Middle East and North Africa. It was established in 1930 and began operations in the Arab Republic of Egypt in 1944. The bank offers a comprehensive range of banking and financial services to a wide array of clients, including individuals, companies, and institutions, in addition to investment banking, wealth management, private banking, and treasury operations.

Arab Bank enjoys a broad regional and global presence through its network of branches and subsidiaries in key markets, totaling over 600 branches. It also maintains a strong presence in major financial centers worldwide, including London, Dubai, Singapore, Shanghai, Geneva, Paris, Sydney, and Bahrain.

About Octo:
Octo is an Egypt-based fintech company offering digital accounts, payroll management solutions, and prepaid card services. The card enables millions of employees of small, medium, and micro enterprises to receive their salaries digitally via the “Instapay” network, the national real-time payments system. Octo aims to make financial services more inclusive and accessible, empowering users to manage their money and financial future with confidence and ease.

About Modupay (MDP):
Modupay (MDP) is a leading company in enabling payment technologies in the Middle East and Africa, helping banks, fintech companies, telecom operators, and non-banking financial institutions build, launch, and operate payment products with greater flexibility and control. Previously known as MDP, Modupay combines card issuance, payment processing, digital payment solutions, and data analytics in a fully integrated and flexible platform.

With over 30 years of experience in the payments ecosystem, Modupay supports its partners across the entire payment lifecycle, from card production to transaction processing and digital payment solutions. Headquartered in Cairo, Egypt, the company is led by a team of more than 620 employees and operates in over 40 countries, maintaining close proximity to its partners through specialized local teams in key regional markets.

About Visa:
Visa is a global leader in digital payments, facilitating transactions between consumers, merchants, financial institutions, and governments in more than 200 countries and territories worldwide.

Its mission is to connect the world through the most innovative, convenient, reliable, and secure payment network, enabling individuals, businesses, and economies to thrive. Visa believes that inclusive economies that provide opportunities for everyone everywhere uplift everyone, and that access to financial services is fundamental to the future of money movement.