Paymob, a financial technology company operating in the Middle East, North Africa and Pakistan, has become the first international fintech to obtain a vital licence from the Central Bank of Oman.
The Payment Service Provider (PSP) licence permits Paymob to accept and process both online and in-store payments within Oman. This will be made possible through integration with the Central Bank’s secure payment network, OmanNet.
The licence means merchants in Oman can now use Paymob’s payment gateway to accept local and cross-border payments, without needing multiple integrations.
Co-founder and CEO Islam Shawky, said: “It is a proud moment for Paymob to be the first international fintech company to receive PSP licencing in Oman. We appreciate the confidence placed in our technology by the Central Bank.”
“We are committed to enabling SME growth in Oman by making cutting-edge payments solutions accessible to all merchants and processing transactions seamlessly through our local gateway,” Shawky added.
Oman has been progressing rapidly towards digitising its banking system through Vision 2040. This aims to diversify the economy, with transactions through OmanNet rising 300 percent between 2018-2022.
The license expands the company’s mission of empowering small businesses in the region through innovative digital payments. It offers 40 payment options, correlating with higher sales, conversions and appealing to more customers.
Paymob launched in 2015 and now serves 250,000 merchants across the region. It is backed by major investors including PayPal Ventures, Kora Capital and Clay Point Capital.
Follow us on
