Payments fintech company Cellulant has obtained initial approval as a Payment Service Provider and Payment Facilitator in Egypt.
With its collections and disbursement payment solutions, Cellulant says it will enable 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.
According to the 2022 Mastercard New Payment Index, 88% of Egyptians have used at least one emerging payment method, with usage expected to increase further. Customers are expanding their purchase methods, requiring businesses to expand their payment methods to alternative and locally relevant ones.
"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,” says Ahmed Marwan, Cellulant's General Manager for Egypt and North Africa. “More importantly, we're committed to intensifying our efforts to provide reliable payment options for businesses in the region. By simplifying their business payment process, they can focus on their growth.”
The company says that by acquiring licences to serve Egypt it strengthens its operations in Africa where it claims to have the most comprehensive payment infrastructure, integrating over 370 payment methods and operating in 35 markets, with licences and physical offices in 19 countries.