Having successfully completed Visa’s fintech fast track programme, Mamo, has become a principal member of Visa in the UAE. This follows the announcement that Mamo has signed a five-year partnership agreement with Visa across the MENA region and launched the Corporate Visa Card programme earlier in 2023.
Membership gives Mamo direct access to the Visa network. This enables Mamo to process Visa credit and debit card payments, issue Visa cards, and disburse cash to its customers.
The Mamo Corporate Visa Card is a key product in Mamo’s “spend management” suite. This means Mamo business can manage their corporate spends right within the Visa payments platform.
Mamo says that it now offers a full suite of financial products that help businesses digitise their financial operations. This includes payment processing, spend management, as well as APIs and integrations. Combined, this suite of products enables businesses to accept payments globally using multiple currencies and payment methods, issue Corporate Visa Cards and centralise expense management, as well as integrate any and all of Mamo’s capabilities into the business’ unique financial workflows.
The card-based corporate spend industry in MENA is growing at a CAGR of 15%. It is expected to reach $120bn by 2025. The SME sector is the major driver for growth, accounting for over 60% of the market.
Imad Gharazeddine, co-founder, CEO at Mamo, said: “The Mamo platform aims to help businesses digitise their payment operations. This is aligned with the objective of the Dubai Economic Agenda (D33). That is to generate an annual contribution of AED100bn from digital transformation projects to Dubai’s economy.”
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Mamo eyes up expansion into new markets across MENA
“Our principal membership and regional partnership with Visa are a game-changer for Mamo. With Visa’s support, we unlock remarkable opportunities for growth and can accelerate the realisation of our vision”, added Gharazeddine.
“I am delighted to welcome Mamo as a new principal member of Visa. This enables them to extend their services to the MENA region.” added Sara Tabana, Senior Director, Digital Partnerships & Ventures at Visa, GCC. She added “The team’s dedication and efficiency during the onboarding process have been commendable. I eagerly anticipate working together to revolutionise SME Financial Services across the MENA region.”