c, a payment and Banking-as-a-Service (BaaS) provider in the MENA region has expanded its operations into Egypt with the opening of a new office in Cairo.
The move is part of BKN301’s strategy “to support the growth of the fintech sector in Egypt and the wider MENA region.”
Egypt is considered to be “a key market for the fintech sector, with a growing population of digital natives and a government that is supportive of innovation.”
The country has seen “a significant increase in the number of bank account holders and digital wallets in recent years, and there is a growing demand for new and innovative financial services.”
BKN301’s new office in Cairo “will be led by Mahesh Paolini-Subramanya, who has been appointed as the company’s new Chief Technology Officer (CTO).”
Paolini-Subramanya brings “a wealth of experience to the role, having held senior positions at leading fintech companies such as Klar and BlockFi.”
In his new role, Paolini-Subramanya will be “responsible for leading the development of BKN301’s platform and solutions.” He will also be “responsible for driving the company’s growth in the MENA region.”
Stiven Muccioli, Founder and CEO of BKN301, said:
“We are excited to expand our operations into Egypt and to support the growth of the fintech sector in the country. We believe that there is a huge opportunity for innovation in the Egyptian market, and we are committed to providing the best possible services to our customers. Mahesh is a highly experienced and respected leader in the fintech industry, and we are delighted to have him join our team. We are confident that he will play a key role in driving our growth in the MENA region.”
BKN301’s expansion into Egypt is “a significant milestone for the company.”
It is described as being “a clear sign of the company’s commitment to the MENA region and its belief in the potential of the fintech sector in the region.”
The company‘s new office in Cairo will “provide a platform for BKN301 to grow its customer base and develop new and innovative solutions for the Egyptian market.”
The company is “well-positioned to capitalize on the growth of the fintech sector in Egypt and the wider MENA region.”
The number of bank account holders, Egyptian Post accounts, digital wallets, and prepaid cards in Egypt “has increased by 147% between 2016 and 2022, according to Central Bank of Egypt’s data.”
This growth, which now “stands at over 42 million users or 64.8% of the total population aged 16 and above, was made possible by the development of necessary infrastructure, such as bank or postal branches, microfinance institutions, ATMs, POS, and payment service providers.”
By 2022, the number of these units per 100,000 residents “had surpassed 1,200.”