Egyptian Fintech Firm Paymob Secures PSP Licence in Oman

Egyptian fintech firm Paymob has secured a Payment Service Provider (PSP) licence from the Central Bank of Oman (CBO), a regional first for an international fintech company. The licence allows Paymob to accept and process payments within Oman through integration with the CBO’s own payment network, OmanNet. 

“It is a proud moment for Paymob to be the first international fintech company to receive PSP licensing in Oman”, Islam Shawky, Co-founder and CEO of Paymob, tells StartupScene. “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.”

Paymob is one of the region’s leading financial services enablers in the Middle East, North Africa and Pakistan (MENAP), currently serving 250,000 merchants across the MENAP region since its inception in 2015. It has consistently been one of the fastest growing fintech companies in the region. In September 2019, the company onboarded 60 merchants a month, and by September 2021, the number of onboarded merchants increased to 6,000 merchants a month.

This move comes as Oman continues to push towards digitization of its banking system as part of its Vision 2040 project, whilst helping Paymob to further empower small regional businesses through digital payments.