Paymob, the leading financial services enabler in the Middle East, North Africa, and Pakistan (MENAP), has secured the Central Bank of Oman’s (CBO) Payment Service Provider (PSP) license, marking a historic achievement as the first fully licensed international fintech company in the Sultanate.
Established in 2015 by Islam Shawky, Alain El Hajj, and Mostafa Menessy, Paymob serves as an infrastructure technology enabler, offering mobile wallet solutions to empower digital financial service providers.
With its omnichannel gateway boasting over 40 payment solutions, Paymob supports more than 250,000 merchants, facilitating access to innovative financial services. The startup successfully raised US$50 million in Series B funding in 2022.
Endowed with the PSP license in Oman, Paymob is now authorized to accept and process online and in-store payments, leveraging its local integration with CBO’s secure payment infrastructure, OmanNet. This milestone allows merchants in the Sultanate to seamlessly accept both local and cross-border payments through Paymob’s gateway, streamlining the integration process. Paymob obtained the PSP license by adhering to all regulatory requirements outlined by CBO’s framework.
It is a proud moment for Paymob to be the first international fintech company to receive PSP licensing in Oman.
Islam Shawky, co-founder and CEO of Paymob.
Expressing gratitude for the achievement, 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.
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