In a pioneering move, Paymob, the leading financial services enablement company in the Middle East, North Africa, and Pakistan (MENA-P), has announced obtaining a Payment Service Provider (PSP) license from the Central Bank of Oman, making it the first international fintech company to secure a full license in the Sultanate of Oman.
The PSP license, acquired by Paymob after complying with all regulatory requirements from the Central Bank of Oman, allows the acceptance and processing of online and in-store payments across the Sultanate.
This is made possible through local integration with the Central Bank of Oman’s payment network (Oman Net), a groundbreaking development that enables local merchants to accept both local and international payments through the Paymob gateway, reducing the need to integrate with multiple different gateways.
Regarding the company’s acquisition of the Omani license, Islam Shawky, one of the founders and the CEO of Paymob, said, “We are proud to be the first international fintech company to obtain a Payment Service Provider license in the Sultanate of Oman.
We appreciate the trust placed in our technology by the Central Bank of Oman, and we will remain committed to empowering the growth of small and medium-sized enterprises in the Sultanate, by making advanced payment solutions available to all merchants and smoothly processing transactions through our local gateway.”
The Omani banking sector has witnessed significant digitization growth in recent years. The period from 2018 to 2022 saw a 300% increase in the number of transactions processed through the “Oman Net” payment network, whether through point-of-sale terminals or e-commerce sites.
This surge is attributed to businesses’ shift towards enhancing digital efforts to achieve the goals of Oman Vision 2040, focusing on the importance of transitioning towards a digital economy.
With the Payment Service Provider license in Oman, Paymob continues to fulfill its mission of empowering small and medium-sized businesses in the Middle East, North Africa, and Pakistan (MENAP) to thrive in the digital economy by providing access to a diverse range of innovative digital payment solutions.
Paymob offers forty payment methods, the most comprehensive set in the region, contributing to increased sales, improved conversion rates, and enhanced customer retention.
This, in turn, attracts a broader audience for small and medium-sized enterprises.
It is worth mentioning that Paymob is one of the fastest-growing fintech companies in the region. It started its operations in 2015 and currently serves over 250,000 merchants in the Middle East, North Africa, and Pakistan (MENAP).
The company is backed by a leading group of regional and global investors, including PayPal Ventures, Kora Capital, Clay Point Capital, Global Ventures, FMO, A15, British International Investment, Helios Digital Ventures, and Nclude.