Leading payments fintech company Cellulant (www.Cellulant.io) has today announced that it has obtained the initial approval as a Payment Service Provider and Payment Facilitator in Egypt.
Adding these licences strengthens Cellulant’s operations in Africa, where it has the most comprehensive payment infrastructure, integrating over 370 payment methods, operating in 35 markets with licences and physical offices in 19 countries.
With its collections and disbursement payment solutions, Cellulant 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, necessitating 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,” said 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.”
Akshay Grover, Cellulant's Group CEO, commented, "Egypt is such a strategic market for business growth in MENA. We’re 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. With this accreditation in Egypt, we continue progressing our mission to create opportunities and accelerate economic growth.”
Over the last three years, the company has been sustainably investing in the growth of its real-time payment solutions for businesses, namely checkout, in-store, payouts, payment links, and its robust business dashboard, all anchored on its single API payment platform - Tingg. Additionally, Cellulant has built strong infrastructural and security capabilities, obtaining global security, privacy, business continuity, and service management certifications.
Cellulant has been a pioneer in providing cutting-edge technical, financial and digital solutions since it was founded almost 20 years ago. Today, the company powers payments for over 2000 businesses, processing 20 million monthly transactions valued at about $1bn. The company powers payments for global brands in various sectors, such as Airlines, Telecoms, E-commerce, Ride-Hailing, Retail and Remittances.
Distributed by APO Group on behalf of Cellulant.
For more information, please contact:
Charity Murigi
Email: charity.murigi@cellulant.io; media@cellulant.io
About Cellulant:
Cellulant (www.Cellulant.io) is a leading Pan African payments technology company that provides locally relevant and alternative payment methods for global, regional and local merchants.
Cellulant provides a single API payments platform – Tingg (www.Tingg.africa) – that enables businesses to manage their payments from collections, offline or online, to disbursements while allowing consumers to pay from their mobile money, local and international cards or their bank across all its 35 markets of operation.
Latest Stories
-
We may all resort to vote buying if electorates prioritise such over development – Asiedu Nketiah
15 mins -
NDF engages mineral extraction communities in advocacy and litigation resolution
19 mins -
Adabraka in community A/R unites to combat electoral violence
26 mins -
Forestry Commission cracks down on endangered bush meat trade
27 mins -
Global GDP could plunge by 24% by 2,100 without urgent climate action
28 mins -
High Court dismisses lecturer’s bid to block Deputy IGP’s appointment
36 mins -
MTN records 35.5% growth in profit to GH¢3.76bn in quarter 3, 2024
59 mins -
Deloitte to hold training on navigating customs and excise duty Obligations
1 hour -
Akufo-Addo, Bawumia should have prioritised National Peace Campaign launch – Mahama
1 hour -
AGI works to clamp down on substandard foreign mattresses penetrating Ghanaian markets
1 hour -
Immigration Service intercepts 54 gallons of fuel
1 hour -
Ace Medical Insurance makes its mark at Ghana Club 100 Awards
1 hour -
Dafeamekpor takes Speaker to High Court to affirm vacant seats ruling
1 hour -
Government is not funding GMX music streaming platform – Director of Marketing
1 hour -
Energy sector not advancing enough – ACEP
1 hour