Egypt's Paymob Secures UAE Retail Payment License to Expand Services

STARTUP VENTURE CAPITALFebruary 4, 2025 at 8:36 AM UTC

TLDR

Egyptian fintech Paymob has received a Retail Payment Services License from the Central Bank of the UAE (CBUAE)
That allows it to offer merchant acquisition, payment aggregation, and domestic fund transfers
Founded in 2015, Paymob provides mobile wallet and digital payment solutions to over 390,000 merchants across MENA and Pakistan

Egyptian fintech Paymob has received a Retail Payment Services License from the Central Bank of the UAE (CBUAE), allowing it to offer merchant acquisition, payment aggregation, and domestic fund transfers.

Founded in 2015, Paymob provides mobile wallet and digital payment solutions to over 390,000 merchants across MENA and Pakistan, including brands like Vodafone, LG, Uber, IKEA, and Decathlon. The company operates in Egypt, UAE, Saudi Arabia, and Oman and raised $72 million in Series B funding to fuel regional expansion.

With over 50 payment solutions, Paymob’s omnichannel gateway helps businesses optimize transactions and unlock new revenue streams. CEO Islam Shawky said the license reflects trust in Paymob’s ability to support the UAE’s vision for a cashless economy.

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Key Takeaways

Paymob’s UAE payment license strengthens its position in the region’s rapidly growing digital economy. The UAE’s push for cashless transactions creates high demand for fintech solutions, benefiting scalable payment providers. By securing regulatory approval, Paymob can compete with global and regional fintechs, offering end-to-end payment solutions for businesses of all sizes. The MENA payments sector is projected to grow significantly, making this a strategic milestone in Paymob’s expansion strategy.

Startups

Paymob

Fintech

UAE

Central Bank of the UAE

Digital Payments

MENA