Fintech company Cellulant has obtained initial approval to operate as a Payment Service Provider and Payment Facilitator in Egypt.
“Egypt is such a strategic market for business growth in MENA. We are excited to successfully secure these licences and solidify our operations in Egypt, making our payment solutions accessible to the regional and global businesses operating in and getting into Egypt,” Ahmed Marwan, Cellulant’s General Manager for Egypt and North Africa, said.
The company banks on the new development to tap on global and regional merchants operating in Egypt to easily manage their B2B and B2C payments seamlessly in-country and internationally, whether through mobile money, wallets, cash, card, or direct bank transfers across multiple payment methods in various currencies.
Egypt’s payments sector has snowballed in recent years, with current regulations enabling instant payments and fintechs revolutionising how financial services are delivered, challenging traditional banking models and altering consumer payment preferences.
“With the prevalence of prepaid cards and mobile wallets already exceeding 40% of the adult population in Egypt, the timing of Cellulant’s acquisition of these licences could not be more opportune,” Marwan added.
According to the 2022 Mastercard New Payment Index, 88 per cent of Egyptians have used at least one emerging payment method, with usage expected to increase further. Customers are expanding their purchase methods, necessitating businesses to expand their payment methods to alternative and locally relevant ones.
According to the company, it currently powers payments for over 2000 businesses, processing 20 million monthly transactions valued at about $1bn.
Source: Kenyanwallstreet
