Egypt's Paymob Secures Coveted PSP License from Central Bank of Oman

Egypt's Paymob Secures Coveted PSP License from Central Bank of Oman

By Staff Writer, 21 January 2024

Paymob, the prominent financial services enabler operating in the Middle East, North Africa, and Pakistan (MENAP), has obtained the coveted Payment Service Provider (PSP) license from the Central Bank of Oman (CBO).

This achievement solidifies Paymob's position as the inaugural international fintech company to attain full licensing in the Sultanate.

Established in 2015 by Islam Shawky, Alain El Hajj, and Mostafa Menessy, Paymob specializes in infrastructure technology, offering cutting-edge payment solutions to empower digital financial service providers through mobile wallet technology.

With its omnichannel gateway providing a diverse array of over 40 payment solutions, Paymob has empowered more than 250,000 merchants, facilitating access to innovative financial services.

The startup successfully secured a substantial $50 million in Series B funding in 2022.

The newly acquired PSP license in Oman now authorizes Paymob to accept and process both online and in-store payments.

This capability is made possible through the integration of Paymob with CBO's secure payment infrastructure, OmanNet.

The milestone achievement enables merchants in the Sultanate to seamlessly accept local and cross-border payments via Paymob's gateway, eliminating the necessity for multiple gateway integrations.

Paymob's compliance with all regulatory requirements of CBO's framework played a crucial role in securing the PSP license.

Expressing pride in this significant accomplishment, Islam Shawky, co-founder, and CEO of Paymob stated, "It is a proud moment for Paymob to be the first international fintech company to receive PSP licensing in Oman. We appreciate the vote of confidence that CBO has placed in our technology. 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."

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