Skip to content Skip to Search
Skip navigation

Oman licence is ‘tremendous’ win for Egypt’s Paymob

Digital payments at till fintech The value of digital transactions in Oman this year is expected to exceed $9 billion dollars Unsplash/Christiann Koepke
The value of digital transactions in Oman this year is expected to exceed $9 billion dollars
  • Cairo-based fintech secures licence
  • Oman on digital transformation path
  • Payments could exceed $9bn in 2024

Digital payments company Paymob has secured a licence to expand into Oman and says it represents a “tremendous opportunity” as e-commerce transactions soar. 

The Cairo-based business has announced that it has received the Central Bank of Oman’s (CBO) payment service provider licence, the first international fintech to do so.

The licence authorises Paymob to accept and process online and in-store payments in Oman via the CBO’s OmanNet system. 

“We are bullish on Oman because we see a tremendous opportunity to add value to the market,” said Omar El-Gammal, executive vice-president global business development at Paymob.

Oman is digitally transforming its banking sector, guided by the country’s Vision 2040. 

Between 2018 and 2022, ATM, point of sale and e-commerce transactions processed through OmanNet increased 300 percent to more than 250 million.  

According to Statista, total transaction value in the digital payments market in Oman is projected to exceed $9 billion in 2024.

Annual growth of more than 15 percent is also forecast to take digital payment transactions to $14.1 billion by 2027, driven by mobile point of sale payments.

The Paymob licence enables merchants in the sultanate to accept both local and cross-border payments, eliminating the need for multiple gateway integrations. 

Blazer, Clothing, CoatPaymob
Omar El-Gammal says that Paymob will add value to the digital payments market in Oman

Paymob serves 250,000 merchants across the Middle East, North Africa and Pakistan. It launched in Pakistan in 2021 and in the UAE in 2022. It also received a payment technical services provider certification in Saudi Arabia in May, with a full launch in the pipeline.

The expansion is supported by a $50 million series B funding round completed in 2022.

Last year, El-Gammal described the fintech industry as one of the stronger sectors when it comes to growth and attracting capital in the region. 

Latest articles

UAE new cairo

UAE developer to build $2bn project in Egypt’s New Cairo

Egypt’s New Urban Communities Authority and the UAE’s UDC Real Estate Development Company have signed a contract to develop an EGP60 billion ($1.9 billion) urban development project in New Cairo. Named The Crest, the development in the Hadayek Al-Andalus area will be built on a plot spanning 665,000 sq m. It will comprise residential, commercial […]

Baghdad South power plant: Iraq generates 80% of its power using fossil fuels

Iraq plans push on solar and green hydrogen projects

Iraq is planning to build solar plants and its first green hydrogen project as part of a strategy to tackle power shortages and reduce its carbon footprint. The country’s cabinet has approved a proposal to install 12 gigawatts (GW) of solar power by 2030, said a National Investment Commission representative, Rahim Al Jaafari. Projects capable […]

Neom wellness Elanan

Neom announces ‘ultra-modern’ wellness resort

Saudi Arabia’s mega-city Neom has announced plans for another wellness resort on the Gulf of Aqaba.  The new site, Elanan, will be a wellness resort with architecture that uses “ultra-modern design techniques to form intricate sculptures that merge with the surrounding natural beauty,” Neom said on its website. The website shows images of a futuristic-looking […]

Muslim pilgrims pray on the Mount of Mercy outside the holy city of Mecca during the annual hajj pilgrimage in 2023

Saudi visas on arrival for European and US pilgrims

Saudi Arabia is offering visa on arrival for pilgrims who are resident in the EU, US and UK, or who possess a valid visa for those countries. The decision is part of efforts to boost religious tourism to the country.   The Saudi ministry of Hajj and Umrah revealed the new regulations for the Umrah pilgrimage […]