In a groundbreaking achievement, Paymob, the leading financial services enabler in the Middle East, North Africa, and Pakistan (MENAP), proudly announces the issuance of the Payment Service Provider (PSP) license by the Central Bank of Oman (CBO). This remarkable development positions Paymob as the inaugural international fintech company to be fully licensed in the Sultanate.

The PSP license grants Paymob the authority to seamlessly accept and process online and in-store payments in Oman, leveraging its local integration with CBO’s secure payment infrastructure, OmanNet. This pivotal milestone empowers merchants in the Sultanate to effortlessly accept both local and cross-border payments through Paymob’s gateway, streamlining the payment process and eliminating the need for multiple gateway integrations. The issuance of the PSP license comes after Paymob diligently adhered to all regulatory requirements outlined in CBO’s framework.

Islam Shawky, Co-founder, and CEO of Paymob expressed his pride, 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. We are committed to enabling SME growth in Oman by making cutting-edge payments solutions accessible to all merchants and processing transactions seamlessly and securely through our local gateway.”

Oman is on an expedited journey towards the digital transformation of its banking sector, in alignment with the country’s Vision 2040, which aims to diversify its economy. Notably, in the period from 2018 to 2022, ATM, POS, and e-commerce transactions processed through OmanNet witnessed a substantial 300% increase, rising from 82.4 million transactions to 252.9 million transactions.

With the PSP license firmly in place, Paymob reinforces its commitment to fostering the growth of MENAP SMEs in the digital economy, offering a diverse range of innovative digital payment solutions. Paymob boasts an extensive suite of 40 payment methods, the most comprehensive in the region. This diversity correlates with higher sales, increased conversions, improved customer retention, and an expanded appeal to a broader demographic for SMEs.

Established in 2015, Paymob has rapidly emerged as one of the fastest-growing fintech companies in the MENAP region. Currently serving 250,000 merchants, the company enjoys backing from a roster of global and regional investors, including PayPal Ventures, Kora Capital, Clay Point Capital, Global Ventures, FMO, A15, British International Investment, Helios Digital Ventures, and Nclude.