Damen to launch its mobile wallet app in partnership with BKN301

Damen e-Payment – has chosen BKN301, a fintech company that develops payment services and Banking-as-a-Service functionalities – and Cashflo, BKN301’s exclusive Egyptian partner, to fully digitise its product infrastructure, expand its offering with innovative services and improve the user experience through its technology platform. 

The agreement is part of BKN301’s international growth strategy, which aims to become the leading open-market and cross-border operator in the Open Banking and digital payments sector.

 BKN301 brings its solutions to international markets with a strong focus on fast-growing markets (Africa, the Middle East and Eastern Europe), where there is high demand, very little supply and are characterised by a population with low average age, rapid demographic growth, high mobile penetration and significant literacy in payment-related technologies.

Egypt, with more than 100 million inhabitants, represents one of the emerging markets with the highest growth potential، 23% of people are using digital platforms to send and receive their digital payments, due to the insufficient number of POS available to merchants and low uptake of payments by cards.

The BaaS platform developed by BKN301, through its wallet and 301XB, a product that enables cross-border transactions, will allow Damen to provide new features & solutions to its customers and facilitate transactions with key Egyptian trading partners in the GCC countries.