Mubasher: TPAY MOBILE, a leading mobile payment enabler in the Middle East and Africa (MEA), announced that it has fully acquired Payguru, one of the region's leading payment service providers.

Subject to regulatory approvals, the acquisition will enable TPAY MOBILE to expand its alternative payment products and financial technologies, by allowing payment acceptance from over 54 mobile payment channels, according to a recent press release.

Through its integration with three mobile network operators and eight major banks, Payguru provides mobile payments, ATM cash payments, and bank transfer services to its customers.

Currently, the platform of Payguru, the first mobile payment company to receive a licence from the financial regulator, has over 1,300 customers and processed more than 13 million transactions in the past 12 months.

The acquisition is in line with the growing fintech sector in MENA, with a 30% compounded annual growth rate (CAGR).

Commenting on the acquisition, the founder and CEO of TPAY MOBILE, Sahar Salama, said: "This transaction extends our footprint in the region, continues our diversification into new business lines and also significantly strengthens our value-added services proposition in the region."

Meanwhile, Payguru’s Co-Founder and Chairman CEO, Isik Uman, noted: "This will also bring our local merchants the opportunity to collect payments from these new countries with a single integration on TPAYMOBILE/Payguru platform."