Yalla Financial Solutions has received in-principle approval from the Central Bank of the UAE (CBUAE) for a Category II Retail Payment Services license.
The approval marks a step toward expanding the fintech company’s payment infrastructure in the UAE, subject to final regulatory clearance.
The license falls under the CBUAE’s Retail Payment Services and Card Schemes Regulation.
Once the final license is granted, Yalla plans to enhance its payment capabilities for consumers, merchants, and enterprises in the UAE market.
The company currently operates across Egypt, the UAE, Saudi Arabia, and Pakistan.
“Receiving the in-principle approval from the Central Bank of the UAE is a significant milestone in Yalla’s journey,”
said Waleed Sadek, CEO and Founder of Yalla Financial Solutions.
“We are building an integrated financial ecosystem that empowers consumers, merchants, and businesses through intelligent, scalable, and locally compliant financial technology.”
In Egypt, Yalla operates the Yalla Super App in partnership with Visa, offering digital financial services including money transfers and bill payments.
The platform serves more than two million active users and has processed over 15 million transactions valued at more than EGP 14 billion.
Yalla also operates a Merchant Super App that provides businesses with digital collections, QR payments, payment acceptance, and business management tools to digitize their operations.
Featured image credit: Edited by Fintech News UAE, based on image by StockOtaku via Magnific
