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FinTech MyFatoorah attains UAE Central Bank acquiring license

By Delisha Fernandes

August 22, 2023

  • Banking
  • Digital Payments
  • Fintech news

MyFatoorah, UAE Central Bank, Kuwait, paymentsMyFatoorah, a payments platform in the Middle East, has secured licenses from the Central Banks of six regional countries, including the acquiring license from the UAE Central Bank.

With the issuance of these licenses, the payments platform introduces its ‘Payments Without Borders’ concept, aimed at enabling seamless cross-border payment acceptance while enhancing trust and convenience in digital payments.

Having obtained licenses from the Central Banks of the UAE, Saudi Arabia, Kuwait, Bahrain, and Qatar and approval from the Central Bank of Egypt, MyFatoorah aims to offer direct merchant-acquiring services and payment aggregation solutions with reduced reliance on traditional banking channels.

“Securing the UAE Acquiring license is a testament to the trust and credibility MyFatoorah has earned. This accomplishment reinforces the company’s dedication to enhancing customer experiences, driving innovation, and cultivating a thriving business ecosystem,” said Abdullah Aldabbous, Founder & Managing Director of MyFatoorah.

This strategic shift helps the payments platform to enhance operational efficiency and provide service for merchants. Aligned with the ‘Payments Without Borders’ approach, MyFatoorah enables regional and international merchants to seamlessly accept various local payment methods such as MADA, KNET, Benefit, NAPS, Fawry, Meeza, OmanNet, and more through a unified dashboard.

Such collaborations with regional regulators will pave the way for MyFatoorah to introduce products with faster speed to market; this helps the platform to cover all merchant verticals by launching regional products such as DHL Sell & Ship, POS, Soft POS, and more.

By obtaining five Central Banks and the UAE Acquiring license, MyFatoorah remains at the forefront of the digital payments scene, shaping industry standards for end-to-end merchant acquiring services.

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