In a pioneering move, Paymob, the leading financial services enabler in the Middle East, North Africa, and Pakistan (MENAP) region, has successfully obtained a Payment Service Provider (PSP) license from the Central Bank of Oman, becoming the first international fintech company to achieve this feat in the Sultanate.

The PSP license, acquired by Paymob after meeting all regulatory requirements stipulated by the Central Bank of Oman, grants the company the authority to accept and process payments both online and in physical stores throughout the Sultanate. This achievement is facilitated by local integration with the Central Bank of Oman Payments Network, known as Oman Net. The license also allows Paymob to offer a streamlined payment gateway, enabling merchants in the local market to accept a wide range of local and international payments.

Paymob’s CEO, Islam Shawqi, expressed pride in the company’s historic accomplishment, stating, “We are proud to be the first international fintech company to obtain a payment services provider license in the Sultanate of Oman. We appreciate the trust placed in our technology by the Central Bank of Oman, and we remain committed to enabling the growth of SMEs in the Sultanate.”

The Omani banking sector has been experiencing a notable shift towards digitization in recent years. The period from 2018 to 2022 witnessed a remarkable 300% increase in transactions processed through the Oman Net payments network, demonstrating the business sector’s commitment to digital transformation in line with Oman Vision 2040.

The issuance of the PSP license to Paymob aligns with the broader goals of Oman Vision 2040, emphasizing the importance of transitioning towards a digital economy. With electronic transactions soaring from 82.4 million to 252.9 million during this period, the Omani banking sector is clearly embracing digitization as a key driver of economic growth.

By obtaining the PSP license in Oman, Paymob continues to fulfill its mission of empowering SMEs in the MENAP region to thrive in the digital economy. The company offers a comprehensive range of innovative digital payment solutions, boasting forty payment methods — the most extensive selection in the region. These services contribute to increased sales, improved conversion rates, and enhanced customer retention, positioning Paymob as a crucial player in the evolving landscape of financial technology.

Founded in 2015, Paymob has rapidly emerged as one of the fastest-growing fintech companies in the MENAP region. With more than 250,000 merchants currently served, the company has garnered support from a distinguished 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.

As Paymob paves the way for further fintech advancements in Oman, the company’s success highlights the ongoing transformation of the regional financial landscape and the increasing importance of digital payments in shaping the economic future of the Sultanate.

Charles Rapulu Udoh is a Lagos-based lawyer, who has several years of experience working in Africa’s burgeoning tech startup industry. He has closed multi-million dollar deals bordering on venture capital, private equity, intellectual property (trademark, patent or design, etc.), mergers and acquisitions, in countries such as in the Delaware, New York, UK, Singapore, British Virgin Islands, South Africa, Nigeria etc. He’s also a corporate governance and cross-border data privacy and tax expert.  As an award-winning writer and researcher, he is passionate about telling the African startup story, and is one of the continent’s pioneers in this regard.