Paymob, a digital payments provider serving the Middle East and Africa, has secured a full operating license from the Central Bank of the UAE, marking a significant milestone in the company’s regional growth. Although Paymob has been operating in the UAE since 2022 with an in-principle license, the new Retail Payment Services license paves the way for increased opportunities and growth.
Islam Shawky, Paymob’s co-founder and CEO, expressed that the license is a major step towards realizing the company’s ambitions, particularly given the UAE’s status as a financial and trade hub in the region. He emphasized the government’s push to boost entrepreneurship and digitization, and how Paymob is well-positioned to contribute to this transformation.
With the full license in hand, Paymob plans to expand its team by hiring at least 50 new employees in the short term, with a longer-term goal of reaching over 100 employees within 12 to 18 months. This expansion is supported by the company’s recent fundraising efforts, including investment from the European Bank for Reconstruction and Development (EBRD).
A key driver of Paymob’s growth in the UAE is the country’s standardized infrastructure, which allows for a faster and more efficient onboarding process for merchants compared to Egypt. Shawky highlighted the ease of accessing government systems and how this reduces the cost of onboarding, especially regarding Know Your Customer (KYC) compliance.
Additionally, Paymob is excited about Aani, the UAE’s instant payment platform, which provides instant settlement for merchants, offering a distinct advantage over traditional digital payment methods that can experience delays. Shawky is optimistic that Paymob’s integration with Aani will further drive the company’s success in the UAE market.
