In yet another example of the continuing importance to fintechs of emerging markets, Pyypl, a fintech company in the Middle East and Africa (MEA), has announced a principal licence membership and strategic framework agreement with payment giant Visa.
The licence enables Pyypl to issue virtual and physical prepaid Visa cards, through its accessible mobile application, directly to its hundreds of thousands of active users, elevating its users from cash, mobile money and being financially underserved to the world of digital payments.
The strategic framework agreement further recognises the licence approval process in other markets that Pyypl is entering. With the support of local regulators, Pyypl is able to provide access to prepaid Visa cards in these markets, fast-tracking financial inclusion across the MEA region.
This, says Pyypl, marks the latest innovation in its transformational consumer offering and accelerates its international expansion by enabling the company to offer, over time, prepaid Visa cards on a pan-regional basis.
The partnership is aligned with Visa’s growth and innovation strategy of enhancing access to capabilities for 850 million digital natives across MEA.
Pyypl says it is one of the fastest-growing fintechs in the MEA, powered by 100% proprietary technology and operational in multiple markets across Africa and the GCC.
The company adds that its purpose-driven approach aims to offer transformational financial services to 850 million financially underserved smartphone users across Africa and the Middle East in a single app – via internationally accepted virtual and physical prepaid cards, and instant domestic and international user-to-user transfers as well as remittances to 80 countries.
