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FinTech Paymob secures Central Bank of Oman’s PSP license

By Delisha Fernandes

January 16, 2024

  • ATM
  • Central Bank of Oman
  • Cross Border Payments
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Paymob

Paymob, a financial services enabler in the Middle East, North Africa, and Pakistan (MENAP), has received the Central Bank of Oman’s (CBO) Payment Service Provider (PSP) license.

The PSP license authorizes 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 local and cross-border payments through Paymob’s gateway, eliminating the need for multiple gateway integrations.

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 payment solutions accessible to all merchants and processing transactions seamlessly and securely through our local gateway.”

Oman is on an accelerated path toward the digital transformation of its banking sector, 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 through OmanNet have increased 300%, from 82.4 million transactions to 252.9 million transactions.

With the PSP license in Oman, Paymob further delivers on its mission of enabling MENAP SMEs to thrive in the digital economy via access to various innovative digital payment solutions. Paymob offers 40 payment methods – the most comprehensive suite in the region – which correlates with higher sales, increased conversions, improved customer retention, and appeal to a broader demographic for SMEs.

Paymob, one of the fastest-growing FinTech companies in the region, 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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