Cellulant Secures Initial Approval as Payment Service Provider in Egypt

Published 6 months ago
  Cellulant

Cellulant, a leading payments fintech company, has announced its initial approval as a Payment Service Provider and Payment Facilitator in Egypt. This approval strengthens Cellulant’s operations in Africa, where its comprehensive payment infrastructure integrates over 370 payment methods, operating across 35 markets.

Expanding the Payment Landscape in Egypt

The acquisition of these licenses will enable global and regional merchants in Egypt to manage their B2B and B2C payments seamlessly, both domestically and internationally. The payment methods available will include mobile money, wallets, cash, card, and direct bank transfers, all in various currencies.

This comes at a time when Egypt’s payment sector is experiencing significant growth. Fintech companies are revolutionising financial services, 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, and this usage is expected to increase.

Meeting Consumer Needs

The demand for alternative payment methods in Egypt is growing, as customers expand their purchase methods. Prepaid cards and mobile wallets now account for over 40% of the adult population’s usage in Egypt. Ahmed Marwan, Cellulant’s General Manager for Egypt and North Africa, stated the timing of Cellulant’s acquisition of these licenses is opportune. Marwan emphasized the company’s commitment to providing reliable payment options for businesses in the region.

A Strategic Move for Cellulant

The acquisition of these licenses also marks a strategic move for Cellulant. The Group CEO, Akshay Grover, noted that Egypt is a strategic market for business growth in the MENA region. The aim is to make payment solutions accessible to regional and global businesses operating in Egypt, furthering Cellulant’s mission to create opportunities and accelerate economic growth.

Sustainable Investment in Real-Time Payment Solutions

Over the past three years, Cellulant has been investing in the growth of its real-time payment solutions for businesses. These include checkout, in-store, payouts, payment links, and a robust business dashboard, all anchored on its single API payment platform, Tingg. The company also boasts strong infrastructural and security capabilities, with global security, privacy, business continuity, and service management certifications.

Founded almost 20 years ago, Cellulant powers payments for over 2000 businesses, processing 20 million monthly transactions valued at around $1bn. The company serves global brands in various sectors, including airlines, telecoms, e-commerce, ride-hailing, retail, and remittances.