Egyptian fintech startup Paymob has been granted the Retail Payment Services License by the Central Bank of the UAE (CBUAE) after successfully meeting all regulatory conditions and requirements through a rigorous approval process.
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 50 payment solutions and empowers close to 350,000 merchants with access to innovative financial services. It has expanded to the United Arab Emirates (UAE), Saudi Arabia and Oman.
Disrupt Africa reported in September Paymob had extended its Series B round to US$72 million with US$22 million in new funding, to enable it to pursue its growth strategy at home and in the wider MENA region.
The startup’s new license authorises it to offer merchant acquisition, payment aggregation services, and domestic fund transfers within the UAE. This milestone strengthens Paymob’s leadership in the UAE’s digital payments ecosystem, enabling the company to provide merchants with its full suite of omni-channel solutions that drive growth and competitiveness.
With a track record of supporting over 390,000 merchants across MENA-P since 2018, Paymob has enabled businesses of all sizes – from local SMEs to regional and global brands like Decathlon, Vodafone, LG, Uber, IKEA – to optimise payment performance and unlock new revenue streams.
“This license reflects the trust CBUAE has placed in Paymob to support the UAE’s vision for a cashless, digitally connected economy. As digital payments accelerate across the UAE, we are committed to equipping merchants with scalable tools that enable them to thrive in this dynamic market,” said Shawky.
