Mubasher TV
Contact Us Advertising   العربية

Egypt’s Paymob becomes 1st international fully licensed fintech in Oman

Egypt’s Paymob becomes 1st international fully licensed fintech in Oman
Photo Gallery

Cairo – Mubasher: Paymob, a global financial technology company headquartered in Egypt, has landed in Oman after receiving the Central Bank of Oman’s (CBO) Payment Service Provider (PSP) licence which made it the first international fintech firm to be fully licensed in the Gulf country.

The licence will allow Paymob to accept and process both online and in-store payments across the Sultanate through the local integration with OmanNet, CBO’s secure payment infrastructure, according to a press release.

Meanwhile, merchants in Oman will be able to accept local and cross-border payments through Paymob’s gateway, which will reduce the need for multiple gateway integrations.

Co-Founder and CEO of Paymob, Islam Shawky, stated: “We are committed to enabling SME growth in Oman by making cutting-edge payments solutions accessible to all merchants and processing transactions seamlessly and securely through our local gateway.”

By obtaining the PSP licence in Oman, Paymob endorses its objective of supporting regional SMEs to thrive in the digital economy by having access to various innovative digital payment solutions.

In 2021, Paymob in an interview with Mubasher unveiled its expansion plans outside Egypt, namely in the MENA region. Shawky back then stated: “Our team works hard on capturing market trends and being a step ahead of consumer and merchant demand.”

The region’s financial services enabler currently offers 40 payment methods under one umbrella that correlates with higher sales, increased conversions, enhanced customer retention, and appeal to a broader demographic for SMEs.

It is worth noting that Paymob is supported by global and regional investors like PayPal Ventures, Kora Capital, Clay Point Capital, and Global Ventures. This is in addition to FMO, A15, British International Investment, Helios Digital Ventures, and Nclude.

Earlier in 2024, the Egyptian company teamed up with Saudi Arabian startup Tamara to anchor SMEs across the GCC states.