
Transcript
Mark Walker: My name is Mark Walker, I’m the Editorial Director at The Fintech Times, and we’re here at Seamless North Africa. First of all, I’m going to ask my interviewee to introduce himself to you, the audience.
Omar ElMoataz: Hello, my name is Omar ElMoataz. I lead NymCard as the Country Manager for Egypt and Africa. I’m very glad to be here. Thank you, Mark.
Mark Walker: Thank you very much. Let’s start quickly with a little bit about NymCard. I know the company quite well, but for the audience, can you give us an overview of what NymCard offers in the region?
Omar ElMoataz: Of course. NymCard is a banking-as-a-service provider. We don’t just offer technology; we provide embedded finance solutions to ensure that fintechs, banks, or telecoms can enable payments seamlessly and eliminate market friction. We’ve been in the region since 2018, with our head office in the United Arab Emirates. We also have offices in Saudi Arabia, Pakistan, Lebanon, Egypt, and recently expanded into countries like Kenya, Sudan, Iraq, Oman, and Bahrain. Our expansion over the last three to four years has been rapid.
Our main goal is to ensure that everyone can integrate payment solutions into their systems—whether that’s through embedded lending, corporate digital banking, or processing and issuing various types of cards, including credit, debit, prepaid, and multi-currency cards. What makes NymCard unique is that we don’t just provide the technology; we also support our clients before and after the tech deployment. For example, when fintechs or businesses want to enter a new market and enable payments, they often face challenges related to regulation, operations, and infrastructure. NymCard not only provides the technology and infrastructure but also guides them through regulatory requirements, security measures, and market entry strategies. Even after they go live, we assist with business development, partnerships, and scaling across the region or into new countries.
Mark Walker: So, in a way, you’re an ecosystem support mechanism, enabling fintechs to launch quicker by utilizing your solutions, rather than having to reinvent the wheel. Could you give me an understanding of how Egypt has developed in the last year or so, from where it started to where it is now?
Omar ElMoataz: Egypt is a very exciting market. It’s a young market, with a youthful population and one of the highest rates of urbanization. The government is pushing hard to digitize payments across both the public and private sectors. This environment has provided us with a great opportunity to grow. When we decided to enter Egypt, it was a no-brainer for us. There’s so much potential to digitize and modernize the financial landscape here.
In less than two years, we’ve heavily invested in what we call our “Dream Team” in Egypt and in building our infrastructure. We brought everything on-soil, and over the past eight months, we’ve signed a diverse range of clients across industries like healthcare, payroll, and consumer finance.
Why Egypt? Beyond its demographics, the Central Bank has been very supportive, which has been crucial for our growth. Most businesses in Egypt may not require our full portfolio of services. That’s where NymCard’s flexibility comes into play—we’re like an open buffet. Our solution is very agile and modular, allowing us to tailor our offerings to the specific needs of each business, so they can focus on their core operations. We also understand the operational challenges that many businesses face in Egypt, and we help them manage everything from program management to customer support, which has been a big reason why our market share in the UAE exceeded 90%. In Egypt, we’re moving quickly, and while we’re still new in the market, about 90% of the clients we approach sign with us, because we offer not just infrastructure and program management, but also the business support needed to help them grow and scale.
Egypt is our launchpad into Africa. We’ve already started signing deals in Sudan, Kenya, and we’re expanding into multiple other African countries. We’re very excited about what’s coming next.
Mark Walker: You mentioned some of the variety of use cases earlier. I know you’ve just come from a signing ceremony with QSalary. Can you tell us more about their unique case study and what they offer?
Omar ElMoataz: Sure. QSalary is a company based in Saudi Arabia that offers cash management solutions, like payroll advances, to businesses. They entered the Egyptian market about six months ago and chose NymCard as their partner. We’re providing them with prepaid card issuance, security features, and partnership matchmaking services. This is a new initiative for us—building not just a technical ecosystem but also a business ecosystem. For example, if a client like QSalary wants to offer health insurance, we can match them with one of our health insurance clients to provide a more comprehensive service to their consumers. We’re doing similar things in healthcare, mobility services, and transportation. We’re also discussing with the government how to integrate them into this ecosystem because we believe that strong partnerships benefit everyone and help us all grow and scale quickly in Egypt.
Mark Walker: That’s fantastic. For my final question—what’s been the most interesting trend you’ve seen here at Seamless North Africa? Any new technologies or developments that caught your eye?
Omar ElMoataz: Seamless North Africa is always a great platform for networking and seeing what’s new in the market. This year, especially in the payment space, I’ve noticed a lot of fintechs focusing on solving B2B challenges. There’s a big emphasis on how to help corporates and enterprises operate more smoothly and efficiently. While there’s always focus on consumer solutions, this year I’ve seen a lot of innovation in cash management solutions and embedded lending that cater specifically to business needs. It’s really exciting to see how these solutions are developing in Egypt.
Mark Walker: It sounds like there’s a lot happening. Thank you so much for joining me on Seamless TV, powered by The Fintech Times.
Omar ElMoataz: Thank you, Mark. It’s been a great pleasure.