- Cellulant secures preliminary approval as a Payment Service Provider and Payment Facilitator in Egypt, enhancing its African presence with a robust payment infrastructure covering 370 methods in 35 markets and licenses in 19 countries.
- The fintech giant facilitates seamless B2B and B2C payments for global and regional merchants in Egypt, supporting various payment methods such as mobile money, wallets, cash, cards, and direct bank transfers across multiple currencies.
- Cellulant’s strategic move aligns with Egypt’s evolving payments landscape; 88% of Egyptians adopt emerging payment methods, including prepaid cards and mobile wallets exceeding 40% of the adult population.
Kenyan fintech entity Cellulant announced it secured preliminary approval as a Payment Service Provider and Payment Facilitator in Egypt, a development that fortifies the company’s foothold in Africa, according to media report.
Within Egypt’s growing payments sector, current regulations supporting instant payments, and fintech innovations reshaping financial services, Cellulant’s strategic move aligns with evolving consumer preferences.
Boasting an expansive payment infrastructure, Cellulant integrates over 370 payment methods across 35 markets, holding licenses and physical offices in 19 countries.
With a suite of collection and disbursement payment solutions, Cellulant empowers global and regional merchants in Egypt to effortlessly oversee their B2B and B2C payments domestically and internationally. This flexibility extends to mobile money, wallets, cash, cards, and direct bank transfers, encompassing diverse payment methods in multiple currencies.
Ahmed Marwan, Cellulant’s General Manager for Egypt and North Africa, emphasizes the company’s commitment to simplifying business payment processes, enabling enterprises to concentrate on growth.
Cellulant’s Group CEO, Akshay Grover, underscores the strategic importance of Egypt in the MENA region, expressing enthusiasm about expanding the company’s operations and providing accessible payment solutions to global and regional businesses.
Over the past three years, Cellulant has invested sustainably in advancing its real-time payment solutions, including checkout, in-store, payouts, payment links, and a robust business dashboard—all centralized on its single API payment platform, Tingg.
The company has fortified its infrastructure and security capabilities, securing global certifications in security, privacy, business continuity, and service management.
Cellulant currently powers payments for over 2000 businesses, facilitating 20 million monthly transactions valued at approximately $1 billion. The company’s influence extends across various sectors, including Airlines, Telecoms, E-commerce, Ride-Hailing, Retail, and Remittances.
The 2022 Mastercard New Payment Index reveals that 88% of Egyptians have embraced at least one emerging payment method, with further adoption anticipated. The prevalence of prepaid cards and mobile wallets, exceeding 40% of the adult population, underscores the timeliness of Cellulant’s license acquisition.
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