Paymob, the financial services enabler in the Middle East, North Africa, and Pakistan (MENAP) has become the first international fintech company to be fully licensed in Oman following receipt of a Payment Service Provider (PSP) licence.
The PSP license authorises Paymob to accept and process online and in-store payments in Oman, powered by its local integration with the Central Bank of Oman‘s (CBO) secure payment infrastructure, OmanNet. This milestone enables merchants in the Sultanate to accept both local and cross-border payments through Paymob’s gateway. As such it eliminates the need for multiple gateway integrations. Paymob secured the PSP license upon complying with all the regulatory requirements of CBO’s framework.
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. Between 2018 and 2022, ATM, POS and e-commerce transactions processed through OmanNet have increased 300 per cent. From 82.4 million transactions to 252.9 million transactions.
Creating a thriving digital economy
With the PSP license in Oman, Paymob further delivers on its mission of creating a thriving MENAP SME digital economy. It looks to do so through a variety of innovative digital payment solutions. Paymob offers 40 payment methods which correlate with:
- higher sales, increased conversions
- improved customer retention
- 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.
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. Furthermore, we aim to process transactions seamlessly and securely through our local gateway.”