Paymob, a financial services enabler in MENA, has been granted the Retail Payment Services License by the Central Bank of the UAE (CBUAE).
This license authorises the company to offer merchant acquiring, payment aggregation services, and domestic fund transfers within the UAE.
Islam Shawky, Paymob’s Co-founder and CEO, stated:
“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.”
The RPS license aligns with the UAE’s Digital Economy Strategy which aims to increase the digital economy’s contribution to 20% of GDP by 2032, and the CBUAE’s Fintech Strategy which strives to create a future-ready financial system.
With operations in UAE, Egypt, KSA, Oman, and Pakistan, Paymob provides merchants with omni-channel solutions, supporting over 390,000 businesses since 2018.
The RPS license enables Paymob to expand its offerings, focusing on localised solutions and over 50 payment methods.
It will also enable Paymob to accelerate the growth of its team and its merchant base in the UAE.
Featured image credit: edited from freepik
