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Paymob Gets Official Certification To Operate In Saudi Arabia
The fastest growing fintech in the MENA region has been issued with Saudi Arabian Payment Technical Services Provider certification.
Paymob, the MENA region’s leading fintech payment provider, has announced that it can now officially provide services in Saudi Arabia, after securing Payment Technical Services Provider (PTSP) certification.
The fintech startup opened an office in Riyad in April 2023, and being given the official go-ahead by the Saudi government represents a considerable milestone for Paymob and its regional expansion plans.
Since its foundation in 2015, Paymob has enabled over 200,000 small-to-medium businesses and e-commerce merchants across North Africa and the Middle East to accept payment via 40+ online and in-store methods.
The Kingdom of Saudi Arabia is home to over 1 million microbusinesses and small-to-medium enterprises and boasts a favorable growth rate of 12% per annum. As part of Saudi Arabia’s Vision 2030 strategy, the government plans to increase the contribution from small businesses to the country’s GDP from 20% to 35% while simultaneously boosting the amount of non-cash transactions to over 70% of the total consumer spend.
Saudi Arabia is also experiencing extremely rapid eCommerce growth, with year-on-year transaction volumes increasing by 65%. The country’s rapid digitization and favorable market conditions make it an excellent fit for digital payments enablers like Paymob, which has a proven history of providing highly-localized, cutting-edge solutions.
Also Read: A Guide To Digital Payment Methods In The Middle East
Islam Shawky, Co-founder and CEO of Paymob, was understandably enthusiastic about the recent certification: “Obtaining the PTSP certification in Saudi Arabia is a significant accomplishment for us. It reflects Paymob’s commitment to our KSA expansion plans while serving merchants and entrepreneurs across the Kingdom to support their growth with cutting-edge financial technology solutions. We are excited to contribute to the emerging fintech ecosystem in Saudi Arabia and to play our part in driving the Kingdom’s digital transformation outlined in Vision 2030”.