Paymob, a provider of financial services in the Middle East, North Africa, and Pakistan (MENAP), has teamed up with MID Takseet, a consumer finance company, to enhance access to consumer finance solutions in Egypt.

Since its founding in Egypt 2015, Paymob’s gateway has offered the largest and most comprehensive number of payment acceptance methods in North Africa, positioning it as a trusted growth partner to businesses of all sizes.

The strategic partnership extends MID Takseet’s flexible payment plans and financing services to Paymob’s vast network of over 250,000 merchants and their customers in Egypt.

In the initial phase, Paymob will integrate MID Takseet into its point of sale (POS) terminals to facilitate in-store card and digital wallet transactions, with online integration slated for the second phase.

“MID Takseet is committed to incorporating cutting-edge technology and payment solutions to enhance our clients’ capabilities,” said Mahmoud El-Ghawas, CEO of MID Takseet. “In partnership with Paymob, a leading payment enabler, we aim to deliver exceptional services, prioritising customer satisfaction at the forefront.

“This collaboration facilitates a seamless purchasing and payment experience through an expansive network of merchants, allowing us to integrate Paymob-affiliated merchants into our network.”

While Gillan Shaaban, CCO of Paymob stated: “We are thrilled to partner with MID Takseet to provide their cutting-edge consumer finance solutions to our merchants. Data shows that when merchants offer their customers a variety of flexible payment options, sales conversions increase by 18 per cent and the basket size increases by 33 per cent, resulting in business growth.

“Our partnership with MID Takseet is another step in Paymob’s mission to enable businesses to compete in the digital economy and contribute to sustainable, inclusive economies.”

MID Takseet offers advanced non-banking financial solutions, fostering growth for businesses and customers. With its programmes, it enhances financial inclusion and aligns with digital trends, establishing itself as a leader in consumer finance. Through its mobile app, MID Takseet also provides installment services for various products, boosting financial flexibility and convenience for users.

Paymob, the financial services enabler in the Middle East, North Africa, and Pakistan (MENAP) has become the first international fintech company to be fully licensed in Oman following receipt of a Payment Service Provider (PSP) licence.

The PSP license authorises Paymob to accept and process online and in-store payments in Oman, powered by its local integration with the Central Bank of Oman‘s (CBO) secure payment infrastructure, OmanNet. This milestone enables merchants in the Sultanate to accept both local and cross-border payments through Paymob’s gateway. As such it eliminates the need for multiple gateway integrations. Paymob secured the PSP license upon complying with all the regulatory requirements of CBO’s framework.

Oman is on an accelerated path toward the digital transformation of its banking sector, guided by the country’s Vision 2040 which aims to diversify its economy. Between 2018 and 2022, ATM, POS and e-commerce transactions processed through OmanNet have increased 300 per cent. From 82.4 million transactions to 252.9 million transactions.

Creating a thriving digital economy

With the PSP license in Oman, Paymob further delivers on its mission of creating a thriving MENAP SME digital economy. It looks to do so through a variety of innovative digital payment solutions. Paymob offers 40 payment methods which correlate with:

• higher sales, increased conversions
• improved customer retention
• appeal to a broader demographic for SMEs.

Paymob launched operations in 2015 and serves 250,000 merchants across MENAP. The company is backed by global and regional investors including PayPal Ventures, Kora Capital, Clay Point Capital, Global Ventures, FMO, A15, British International Investment, Helios Digital Ventures and Nclude.

Islam Shawky, co-founder and CEO of Paymob stated: “It is a proud moment for Paymob to be the first international fintech company to receive PSP licensing in Oman. We appreciate the vote of confidence that CBO has placed in our technology. We are committed to enabling SME growth in Oman by making cutting-edge payments solutions accessible to all merchants. Furthermore, we aim to process transactions seamlessly and securely through our local gateway.”

Paymob, the financial services enabler in the Middle East, North Africa, and Pakistan (MENAP) has joined forces with Tamara, the shopping and payments platform in the GCC region.

The strategic partnership integrates the Tamara Buy Now Pay Later (BNPL) service with the secure Paymob gateway to power seamless payments by enabling customers to split their payments in four without any hidden fees or interest. Paymob’s omnichannel payments infrastructure serves 250,000 merchants in the region, while Tamara has over nine million registered users and more than 30,000 partner merchants.

The agreement between two of the MENA region’s fastest-growing fintech firms creates a payments ecosystem that enables merchants to offer more comprehensive solutions and seamless customer experiences.

Both companies have partnerships with some of the region’s biggest brands, however, this agreement is designed to fuel the growth of SMEs; which are the greatest contributors to GDP in MENA. For businesses of any size, comprehensive payment offerings ensure increased sales and conversions.

With Tamara’s BNPL solution, merchants could experience a 40 per cent increase in average order value, a 15 per cent increase in online conversion rates, and a 50 per cent increase in repeat purchases.

The addition of Tamara’s BNPL solution to Paymob’s gateway is via a simple integration that reduces merchants’ barriers to entry and ensures transactions are processed seamlessly and securely. The partnership will initially serve merchants in KSA and the UAE in the first phase, with more countries planned to go live in later stages.

‘Revolutionising how people shop, pay, and bank’

Islam Shawky, co-founder and CEO of Paymob, said: “Our partnership with Tamara delivers on Paymob’s mission to fuel SME growth in the digital economy. There is a massive opportunity to enable merchants in the GCC to capitalize on the power of alternative payment methods and we are thrilled to partner with Tamara to fuel this growth in MENA.”

Turki Bin Zarah, co-founder and CCO of Tamara, also added: “This partnership with Paymob provides seamless access to Tamara’s services to thousands of SMEs to enable their growth across the region. As a leading commerce enabler, we are revolutionising how people shop, pay, and bank and are thrilled to partner with Paymob as we deliver on this goal.”

Tamara and Paymob are currently experiencing rapid growth fueled by recent funding. Riyadh-based Tamara secured a $150million debt facility earlier this year from Goldman Sachs, the first deal of its kind in the region. The company is actively expanding its product lines and verticals. Paymob’s growth across the region is driven by its 2022 Series B funding which was led by PayPal Ventures. As a result, the company expanded to the UAE in 2022 and secured PTSP certification from Saudi Payments in Q2 2023 making it fully operational in KSA.

Everyone is advised to be cautious in the financial world, with the saying ‘if it’s too good to be true then it probably is’ being constantly echoed as a word of warning. But what if there was a payments innovation that lived up to its promise to be inclusive, fast and cheap – something that often seems too good to be true in finance? Blockchain could be this innovation.

Imane Adel, EVP strategy, Paymob, payments infrastructure and solutions provider, speaks to The Fintech Times about the different benefits blockchain can have in the financial world. From financial inclusivity to instant settlements – blockchain can do it all and this is only the beginning, she explains.

The Financial Frontiers: Unlocking Untapped Potential with Blockchain Innovation

Imagine a world where the complexity and barriers of financial transactions simply melt away. It’s a world where international payments arrive in the blink of an eye. Almost as swiftly as sending a text message. This isn’t a far-off dream; it’s an impending reality heralded by the advent of blockchain technology.

Payments are just the tip of the iceberg. In this new financial frontier, there’s no need to wait days for cross-border payments to clear or suffer through exorbitant fees. Instead, blockchain-based systems like Ripple are pioneering an ecosystem where financial transactions are instant and global, unhindered by traditional bottlenecks. The future of payments is not merely about transactions; it’s about a seamless, global financial dialogue.

But blockchain’s promise extends well beyond payments. Take trade finance, a sector often mired in outdated processes and cumbersome paperwork. The blockchain revolution in this space is so transformative that the traditional systems—with their delays and manual checks—may soon seem archaic.

Platforms like Marco Polo are paving the way for a future where all trade documents are digital and transparent. They are also instantly verifiable by all parties, introducing an unprecedented era of trust and efficiency in international trade.

Everyone can be an owner

And then there’s asset management. With blockchain’s capacity for tokenisation and smart contracts, even the most complex financial processes are streamlined, and asset management becomes democratic. These technologies are disrupting traditional investment models, making it possible for even small investors to participate in premium investment opportunities. In essence, blockchain is empowering everyone to be an owner, democratising the financial landscape.

When we think about insurance, the complexities of claims and the high frequency of fraud often come to mind. However, blockchain is set to revolutionise this sector, too. Through smart contracts, claims can be verified and processed almost instantly, providing an open yet secure pathway for data. It’s as if there’s an all-seeing, unbiased adjudicator in the system, ensuring fairness and expediting genuine claims.

Navigating the maze of financial regulations is another hurdle that financial institutions have to jump through constantly. But blockchain is here to simplify that as well. Its transparent and immutable ledger means real-time auditing becomes a viable possibility, thereby reducing the cumbersome nature of regulatory compliance. It’s as if the very fabric of bureaucracy is being rewritten for the digital age, making compliance less of a moving target and more of a collaborative effort.

What’s perhaps most exciting is how blockchain stands as a beacon of financial inclusivity. In our modern world, smartphones are ubiquitous, but bank accounts are not. Enter decentralised finance, or DeFi. This innovative application of blockchain technology removes the middleman from financial services.

It offers lending, borrowing, and asset management directly to consumers. With blockchain, financial services can reach from urban centres to the most remote corners of the world, democratising access to financial resources and opportunities.

A catalyst for change

As we venture deeper into this new age of financial systems and services, blockchain emerges not just as a tool but as a catalyst for monumental change. It breaks down traditional barriers and ushers in new paradigms in everything from payments and trade finance to insurance and compliance.

But beyond its potential to revolutionise these sectors individually, blockchain holds the promise of creating a more inclusive, efficient, and transparent global financial landscape. It invites us all to rethink what we believed was possible in the realm of finance and opens doors to opportunities previously unimaginable.

Blockchain is more than just a technological innovation; it’s the key to unlocking untapped potential across the financial industry. So as we look toward the future, one thing becomes increasingly clear: blockchain isn’t merely changing the financial sector, it’s rewriting the rules entirely.