BKN301 and Damen ePayment, agreement to bring the digital bank to Egypt

Damen ePayment chose BKN301 together with his exclusive Egyptian partner Cashflo to digitize the infrastructure of digital banking products and services. An agreement that carries the Banking-as-a-Service of BKN301 in Egyptdigitizing the financial lives of 18 million people.

BKN301 e Damen ePaymentthe digital bank arrives in Egypt

BKN301 wants to go beyond borders and bring Open Banking and digital payments wherever potential customers can serve. In fact, it is following several markets with particular attention, including emerging ones (Africa, Middle East and Eastern Europe). Here the offer of digital payment solutions does not satisfy the growing demand. A demand destined to grow, also seen a low average age and rapidly growing population.

Egypt matters over 100 million inhabitantsthe. However, only the 23% of people use digital platforms to send and receive payments. There are several reasons why this occurs, including noinsufficient number of POS available to merchants. But also the low diffusion of payment cards.

The platform of BaaS developed by BKN301 offers a digital wallet and 301XB, to carry out cross-border transactions with the blockchain. Once all regulatory approvals have been obtained, Damen customers will be able to send and receive money internationally in over 100 countries, in more than 50 currencies.

With Cashfloa fintech company based in Cairo, e SwitchoverSwiss fintech accelerator, BKN301 wants to bring digital banking across the Middle East and Africa region.

Agreement with enormous potential

Tamer El-Hussainy, CEO di Damen Company for Electronic Payments, he declares himself enthusiastic. And Stiven Muccioli, Founder and CEO of BKN301, comments: “This new agreement confirms the validity of our offer tailored to the needs of markets such as the Egyptian one, where the low diffusion of digital payment methods among the population offers high development prospects in the near future. We are very happy that a leading operator like Damen has seen in us and in our platform, which offers financial and payment services, a great opportunity for growth, not only for the company, but for the entire country, accelerating the digitization of the payments market in Egypt, still closely linked to the use of cash, especially in the most remote areas ”.

Dr. Sami Chaouch, Vice-Chairman of Cashflo SAE, states: “We are thrilled to pool the talent, knowledge and global reach of our partners. These innovative solutions will bring powerful, universal and customized solutions to the market, developed by a multicultural team. By integrating complex systems as efficiently as possible, we will provide customers with the best user experience. “

Find more information on BKN301 on the official website.