Paymob has received the Central Bank of Oman’s (CBO) Payment Service Provider (PSP) licence. This announcement makes it the first international fintech company to be fully licenced in the Sultanate.
The PSP licence authorises Paymob to accept and process online and in-store payments in Oman, powered by its local integration with CBO’s secure payment infrastructure, OmanNet. This milestone enables merchants in the Sultanate to accept both local and cross-border payments through Paymob’s gateway. This will eliminate the need for multiple gateway integrations. Paymob secured the PSP licence upon complying with all the regulatory requirements of CBO’s framework.
Islam Shawky, Co-founder and CEO of Paymob stated: “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.”
The new licence will help Paymob in enabling MENAP SMEs to thrive
Oman is on an accelerated path toward the digital transformation of its banking sector. This is strongly guided by the country’s Vision 2040 which aims to diversify its economy. In the five years between 2018 and 2022, ATM, POS and e-commerce transactions processed though OmanNet have increased 300%, from 82.4 million transactions to 252.9 million transactions.
With the PSP licence in Oman, Paymob further delivers on its mission of enabling MENAP SMEs to thrive in the digital economy via access to a variety of innovative digital payment solutions. Paymob offers 40 payment methods, which correlates with, increased conversions, improved customer retention and appeal to a broader demographic for SMEs.
Paymob launched operations in 2015 and serves 250,000 merchants across MENAP. The company is backed by global and regional investors including PayPal Ventures, Kora Capital, Clay Point Capital, Global Ventures, FMO, A15, British International Investment, Helios Digital Ventures and Nclude.
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