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Klivvr To Obtain an Initial License from CBE To Begin Operating Klivvr App

Cairo – Sunday, 23rd of Jan 2022

The Central Bank of Egypt grants Dot for the Development of Electronics and Electronic Payments an initial license to begin operating its Klivvr App and Card, the first financial product of its kind in the Egyptian market, in partnership with the Arab African International Bank (AAIB).

Central Bank of Egypt

In accordance with the Central Bank of Egypt’s financial inclusion plan, which aims to provide citizens with more accessible digital financial services, Dot announced that it obtained the Payment Systems and Services Sector of the Central Bank’s initial approval to launch its own application and payment cards through its brand Klivvr, in partnership with the Arab African International Bank.

Eng. Onsi Sawiris, Chairman of the Board of Directors of Orascom Financial Holding, the majority shareholder of Dot stated, "We are proud to take part in the state’s financial inclusion initiative, led by President Abdel Fattah El-Sisi, Prime Minister Dr. Mustafa Madbouly, and the Governor of the Central Bank, Mr. Tarek Amer. We share the state’s interest in helping Egyptian citizens become more financially literate and independent and were encouraged to enter the sector to lend the initiative support, given our knowledge of the size of the market and the budding potential of Egypt's technology and FinTech sectors. Eng. Onsi Sawiris concluded his speech by thanking the Central Bank and its leaders for their constant support and keenness in facilitating all the necessary procedures to aunch advanced services to the public, aiming to develop the relevant sectors and empower Egypt as a regional and global financial center.

Eng. Mohamed Aboulnaga, Co-founder and CEO of Dot, said, " We are working hard with the Central Bank, AAIB, and our partners to offer different solutions that meet the needs of all segments of society, particularly the youth, in order to provide methods and tools that aim to promote financial inclusion for all segments of society through the launch of Klivvr. Aboulnaga added, " I would like to thank the Central Bank, AAIB, investors, Orascom Financial Holding, Excel Systems, and the company's management team for all their support in facilitating the process of obtaining a license to issue payment cards and to launch the application to the public.

Orascom Financial Holding announced the establishment of a financial technology company and the appointment of Aboulnaga as CEO in March 2021. The company’s team has more than 120 years of accumulated experience in the technology sector. In June 2021, the company announced the brand name, Klivvr.

About Klivvr

Klivvr is a subsidiary of Orascom Financial Holding (EGX: OFH), an investment company focused on the financial services industry and its emerging technology-driven solutions. The company aims to revolutionize how people and businesses access and manage their financial lives. Klivvr’s mission is to empower people with the tools they need to achieve stellar financial health.