Dubai – Mubasher: Leading omnichannel payments facilitator in the MENAP region, Paymob, has embarked on the next phase of its expansion plans by announcing the UAE as its regional hub.

This step marks a milestone in Paymob’s global growth plans, driven by recent Series B funding led by PayPal Ventures. Paymob plans to make a sizeable investment in the UAE market over the next three years, according to a press release on Wednesday.

The expansion into the UAE market will empower small and medium enterprises (SMEs) and microbusinesses across the seven Emirates.

“The UAE is a dynamic ecosystem that fosters entrepreneurship and innovation, largely enabled by tremendous support from the public sector. There are currently over 400,000 businesses in the UAE, 61% of which are microbusinesses and 38% are SMEs. We see a massive opportunity to serve this market segment and our goal over the next three years is to empower 15% of those merchants with the latest payment technologies to fuel their growth and further digitise the economy,” said Islam Shawky, CEO and Co-founder of Paymob.

In the meantime, seasoned Emirati financial services professional, Omar Haddad, has been named as Paymob’s General Manager for the GCC based in the UAE. Haddad will grow and lead a team of over 150 employees in the market. The company aims to actively mentor the next generation of Emirati financial technology leaders by supporting Emiratisation initiatives nationwide.

Holding 87% market share of mobile wallets processed volumes in Egypt, Paymob serves over 16.50 million registered users on its infrastructure railways for mobile wallets. The company offers the most comprehensive payments infrastructure in MENAP, including over 40 online and in-store payment methods via its gateway, point of sale (POS), and Paymob app. 

Paymob aims to make growing any size business in the digital economy simple, seamless, and agile while delivering a frictionless customer experience and state-of-the-art products to over 150,000 merchants.