Egypt’s Paymob, the leading financial services enabler in the Middle East, North Africa, and Pakistan (MENAP), has received the Central Bank of Oman’s (CBO) Payment Service Provider (PSP) license, making it the first international fintech company to be fully licensed in the Sultanate.
Founded in 2015 by Islam Shawky, Alain El Hajj and Mostafa Menessy, Paymob is an infrastructure technology enabler providing payment solutions to empower digital financial service providers through mobile wallet technology.
Its omnichannel gateway offers more than 40 payment solutions and empowers over 250,000 merchants with access to innovative financial services, and the startup banked US$50 million in Series B funding in 2022.
The PSP license in Oman authorises Paymob to accept and process online and in-store payments, powered by its local integration with CBO’s secure payment infrastructure, OmanNet. This milestone enables merchants in the Sultanate to accept both local and cross-border payments through Paymob’s gateway, eliminating the need for multiple gateway integrations. Paymob secured the PSP license upon complying with all the regulatory requirements of CBO’s framework.
“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,” said Shawky, co-founder and CEO of Paymob.