Pyypl (pronounced “People”) – a pioneering fintech company in the Middle East and Africa (MEA) – announces its Principal Licence Membership and strategic framework agreement with Visa.
According to Industry sources, the partnership with Visa is a testament to Pyypl’s mission to democratize access to financial services, its innovative business model, and the large market opportunity – as well as displaying Visa’s trust in Pyypl to trigger financial inclusion.
Industry sources added that the Principal license also boosts 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, and mobile money and being financially underserved to the world of digital payments.
The Strategic Framework Agreement further recognizes the license approval process in other markets that Pyypl is entering. With the support of local regulators, Pyypl can provide access to prepaid Visa cards in these markets, fast-tracking financial inclusion across the MEA region. This marks the latest innovation in Pyypl’s transformational consumer offering and accelerates Pyypl’s international expansion by enabling, over time, the Company to offer 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.
Antti Arponen, CEO and co-founder of Pyypl, commented: “We are excited to announce our partnership with Visa. Our payments ecosystem has multiple benefits for Visa and will accelerate the provision of financial services to the vast population of underserved digital natives in the region. Working closely with Visa and local regulators in new markets, we are focused on growing Pyypl’s presence and contributing to advancing financial inclusion across the region.”
Hasan Kazmi, VP, head of strategic partnerships and ventures – CEMEA, Visa stated “We are delighted to welcome Pyypl to our mission of advancing financial inclusion. We believe in empowering underbanked consumers by providing them with innovative, secure payment solutions. This not only gives them access to the digital economy but also helps them thrive in this increasingly digital age.”
Industry sources added that Pyypl is succeeding in its mission to be the leading one-stop fintech ecosystem for consumers, seamlessly and across borders. Pyypl’s 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, instant domestic and international user-to-user transfers as well as remittances to 80 countries.
