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MyFatoorah obtains licenses from 6 central banks in MENA region

MyFatoorah obtains licenses from 6 central banks in MENA region

The fintech platform, MyFatoorah, announced it obtained licenses from the Central Banks of six countries in the MENA region, including the Acquiring license from the UAE Central Bank.

After obtaining the approvals, the company can now offer its fintech services and apply a ‘Payments without Borders’ concept through seamless cross-border acceptance.

The platform got licenses from the Central Banks of the UAE, Saudi Arabia, Kuwait, Bahrain, and Qatar and approval from the Central Bank of Egypt.

MyFatoorah is now to offer direct merchant-acquiring services and payment aggregation solutions that help reduce dealing with traditional banks.

The step gives the company greater autonomy to enhance operational efficiency and provide exceptional service for merchants. 

MyFatoorah enables regional and international merchants to seamlessly accept local payment methods such as MADA, KNET, Benefit, NAPS, Fawry, Meeza, OmanNet, and more through a unified dashboard.

The cooperation with regional regulators will help MyFatoorah introduce products faster to the market; this empowers the platform to cover all merchant verticals by launching regional products such as DHL Sell & Ship, POS, and Soft POS.

This step gives the company greater autonomy to enhance operational efficiency and provide exceptional service for merchants. Aligned with the ‘Payments Without Borders’ approach, MyFatoorah enables regional and international merchants to seamlessly accept various local payment methods such as MADA, KNET, Benefit, NAPS, Fawry, Meeza, OmanNet, and more through a unified dashboard.”Securing the UAE

Acquiring a license is a testament to the trust and credibility MyFatoorah has earned. This accomplishment reinforces the company’s dedication to enhancing customer experiences, driving innovation, and cultivating a thriving business ecosystem,” says Abdullah Aldabbous, Founder and Managing Director of MyFatoorah.

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