Egypt-based Paymob, a leading financial services enabler in the Middle East, North Africa, and Pakistan (MENAP), has been granted a Payment Service Provider (PSP) license by the Central Bank of Oman (CBO). Thus, making it the first international fintech firm to receive full licensing in Oman.
Founded in 2015, Paymob is an infrastructure tech provider delivering payment solutions to fuel digital financial service providers through mobile wallet technology. Its omnichannel gateway offers over 40 payment solutions, empowering over 250,000 merchants with access to innovative financial services.
The company secured $50 million in Series B funding in 2022.
The PSP license authorizes Paymob to accept and manage online and physical store payments, facilitated by its local integration with CBO’s secure payment system, OmanNet. This allows merchants in Oman to accept both local and international payments through Paymob’s gateway, bypassing the need for multiple gateway integrations.
The license was received after Paymob fulfilled all of the CBO’s regulatory requirements.
Paymob’s CEO, Islam Shawky, has expressed gratitude for the CBO’s faith in their technology and stated that the company aims to bolster SME growth in Oman by delivering advanced payment solutions to all merchants, processing transactions securely and smoothly through their local gateway.
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