Egyptian Fintech Paymob Secures UAE Central Bank License for Retail Payment Services
Paymob, an Egyptian fintech company, has obtained a license from the Central Bank of the United Arab Emirates (CBUAE) to offer retail payment services, after successfully meeting all regulatory requirements. Founded in 2015 by Islam Shawky, Alain El Hajj, and Mostafa Menessy, Paymob provides payment solutions through its mobile wallet technology, enabling nearly 350,000 merchants to access over 50 payment solutions.
The company has expanded its operations to the United Arab Emirates, Saudi Arabia, and Oman, and raised an additional $22 million in 2024, bringing its Series B funding to $72 million.
With this new license, Paymob is authorized to offer merchant acquisition, payment aggregation, and domestic fund transfer services in the UAE. This strategic development reinforces its position as a leader in the region's digital payment ecosystem and enables it to offer its clients a comprehensive suite of omnichannel solutions. These solutions aim to improve the competitiveness and growth of merchants, from small businesses to large international brands such as Decathlon, Vodafone, IKEA, and Uber.
Since 2018, Paymob has supported over 390,000 merchants across the MENA-P region. According to Islam Shawky, this license is a testament to the confidence the CBUAE has in the company to support the UAE's vision for a cashless and digitally connected economy. Paymob is committed to providing merchants with evolving tools to succeed in a dynamic market where digital payments are increasingly important.
