Egyptian fintech Paymob secures payments license in Oman
TLDR
- Paymob, a leading fintech company in the MENAP region, has obtained the PSP license from the Central Bank of Oman, making it the first international fintech company to be fully licensed in the Sultanate.
- Paymob specializes in infrastructure technology and provides payment solutions through mobile wallet technology, benefiting over 250,000 merchants with access to innovative financial services.
- With the PSP license, Paymob is now authorized to accept and process online and in-store payments in Oman through its integration with CBO's secure payment infrastructure, OmanNet.
Paymob, a leading financial services enabler in the Middle East, North Africa, and Pakistan (MENAP), has achieved a significant milestone by obtaining the Payment Service Provider (PSP) license from the Central Bank of Oman (CBO). This achievement positions Paymob as the first international fintech company to be fully licensed in the Sultanate.
Founded in 2015, Paymob specializes in infrastructure technology, providing payment solutions to enhance the capabilities of digital financial service providers through mobile wallet technology. The company's omnichannel gateway offers a diverse range of more than 40 payment solutions, benefiting over 250,000 merchants with access to innovative financial services. In 2022, Paymob secured $50 million in Series B funding.
With the newly obtained PSP license in Oman, Paymob is authorized to accept and process online and in-store payments. This accreditation is facilitated by the company's local integration with CBO's secure payment infrastructure, OmanNet.
Key Takeaways
Paymob's achievement of securing the Payment Service Provider (PSP) license from the Central Bank of Oman marks another significant step for African startups venturing beyond the continent. The move positions Paymob among a growing list of companies expanding globally. The strategic expansion into Oman is further supported by the regional integration within the Middle East, North Africa, and Pakistan (MENAP) region. The logical progression into Oman aligns with the broader trend of African startups leveraging the opportunities presented by regional economic cooperation and integration, reflecting the interconnected nature of financial services and technology in the MENA region.
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