Cellulant granted approval to broaden service offerings in Egypt

Fintech giant Cellulant has recently received initial approval to function as a Payment Service Provider and Payment Facilitator in Egypt, marking a pivotal step in its global expansion strategy.

With a footprint in 35 markets and operational licenses along with physical offices in 19 countries, Cellulant boasts the most extensive payment infrastructure in Africa, seamlessly integrating a diverse array of over 370 payment methods.

Ahmed Marwan, serving as the General Manager of Cellulant for Egypt and North Africa, has articulated the company’s commitment to bolstering its initiatives, aiming to provide reliable and efficient payment options to businesses across the region.

Speaking on the strategic significance of Egypt in the Middle East and North Africa (MENA) region, Marwan expressed excitement about securing these licenses, underlining the company’s dedication to solidifying its operations in Egypt. This move is poised to make Cellulant’s advanced payment solutions readily accessible to both regional and global businesses operating within and entering the Egyptian market.

Cellulant anticipates leveraging this regulatory approval to tap into global and regional merchants operating in Egypt, offering them streamlined solutions for managing Business-to-Business (B2B) and Business-to-Consumer (B2C) payments seamlessly—both domestically and internationally. This includes facilitating transactions through various mediums such as mobile money, wallets, cash, card, or direct bank transfers, supporting multiple payment methods across diverse currencies.

Egypt’s payments sector has witnessed substantial growth in recent years, spurred by regulatory frameworks facilitating instant payments and the transformative impact of fintech on how financial services are delivered. This shift not only challenges traditional banking models but also reshapes consumer payment preferences.

Marwan highlighted the opportune timing of Cellulant’s acquisition of these licenses, coinciding with the prevalence of prepaid cards and mobile wallets exceeding 40% adoption among the adult population in Egypt.

To sum up, Cellulant’s strategic move into Egypt arrives at a pivotal time when the payments landscape is undergoing transformative changes. The company’s emphasis on adapting to evolving consumer preferences, as highlighted by Ahmed Marwan, reflects its commitment to staying ahead of the curve in the dynamic fintech space. This positions Cellulant as a proactive force in reshaping how financial services are delivered in the region.

It also heralds an era of seamless global transactions. Cellulant’s extensive payment infrastructure, coupled with its commitment to offering diverse and efficient payment options, positions it as a key player in facilitating Business-to-Business and Business-to-Consumer payments for global and regional merchants, setting the stage for a new standard in international financial transactions.