In a groundbreaking achievement, Paymob, the leading financial services enabler in the Middle East, North Africa, and Pakistan (MENAP), has been granted the Payment Service Provider (PSP) license by the Central Bank of Oman (CBO). This milestone positions Paymob as the first international fintech company to achieve full licensing in the Sultanate, marking a significant stride in its mission to revolutionize digital financial services.
The Pioneering Journey of Paymob
Founded in 2015 by Islam Shawky, Alain El Hajj, and Mostafa Menessy, Paymob stands as an infrastructure technology enabler that specializes in providing cutting-edge payment solutions. At the heart of its mission is the empowerment of digital financial service providers through mobile wallet technology. The company's omnichannel gateway boasts a repertoire of over 40 payment solutions, catering to the diverse needs of its user base.
A Gateway to Innovation
Paymob's omnichannel gateway has been a game-changer, offering seamless integration for merchants and empowering over 250,000 businesses with access to innovative financial services. Notably, the startup raised an impressive US$50 million in Series B funding in 2022, reflecting investor confidence in its vision and capabilities.
Unveiling the PSP License: A Game-Changer for Oman
The PSP license from the Central Bank of Oman authorizes Paymob to accept and process online and in-store payments. This licensing breakthrough is underpinned by Paymob's local integration with CBO's secure payment infrastructure, OmanNet. By securing this license, Paymob becomes the catalyst for merchants in the Sultanate to embrace a unified gateway for both local and cross-border payments. The elimination of the need for multiple gateway integrations streamlines the payment process and enhances efficiency.
Compliance and Commitment
Paymob's journey to securing the PSP license involved meticulous adherence to all regulatory requirements outlined in CBO's framework. Islam Shawky, the co-founder and CEO of Paymob, expressed pride in this achievement, stating, "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." He emphasized the company's commitment to facilitating SME growth in Oman by making advanced payment solutions accessible to all merchants, ensuring seamless and secure transactions through the local gateway.
Paymob's attainment of the PSP license marks a pivotal moment in the evolution of Oman's digital financial landscape. As the first international fintech company to receive such recognition, Paymob is set to play a transformative role in fostering financial inclusivity, innovation, and efficiency in the Sultanate.