Kenya's Cellulant set for Egypt expansion after getting license
Cellulant, a leading Kenyan fintech company in the payments sector, has received initial approval as a Payment Service Provider and Payment Facilitator in Egypt. These newly acquired licenses further solidify Cellulant's presence in Africa, where it boasts the most comprehensive payment infrastructure. Operating in 35 markets with licenses and physical offices in 19 countries, Cellulant has seamlessly integrated over 370 payment methods.
Equipped with its collections and disbursement payment solutions, Cellulant empowers global and regional merchants in Egypt to effortlessly manage their B2B and B2C payments both domestically and internationally. This includes transactions through mobile money, wallets, cash, cards, or direct bank transfers across a diverse range of payment methods and currencies.
Ahmed Marwan, Cellulant's General Manager for Egypt and North Africa, emphasized the strategic timing of obtaining these licenses, stating, "With the prevalence of prepaid cards and mobile wallets already exceeding 40% of the adult population in Egypt, the timing of Cellulant's acquisition of these licenses could not be more opportune."
Key Takeaways
In recent years, Egypt's payments sector has experienced significant growth, propelled by evolving regulations that facilitate instant payments. Fintechs have played a transformative role in delivering financial services, challenging conventional banking models, and reshaping consumer payment preferences. The 2022 Mastercard New Payment Index reveals that a substantial 88% of Egyptians have embraced at least one emerging payment method, and this trend is anticipated to rise. As customers diversify their purchase methods, businesses are compelled to broaden their payment options to include alternative and locally relevant choices. This dynamic landscape reflects a shift in how financial transactions are conducted, with a notable surge in the adoption of innovative payment solutions.
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