Emmanuel Ochayi
Cellulant, a payments fintech company, announced its attainment of the initial approval as both a Payment Service Provider and Payment Facilitator in Egypt.
This achievement stands as a step in bolstering Cellulant’s presence in Africa, particularly in enhancing its expansive payment infrastructure, which currently integrates over 370 payment methods and operates across 35 markets with licenses and physical offices established in 19 countries.
Join our WhatsApp ChannelThe acquisition of these licenses marks Cellulant’s proactive strategy to empower global and regional merchants operating in Egypt. These merchants will now have the capability to efficiently oversee their business-to-business (B2B) and business-to-consumer (B2C) payments, managing transactions within the country and internationally.
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Cellulant’s solutions offer a wide spectrum of payment methods, including mobile money, wallets, cash, cards, and direct bank transfers, covering multiple currencies to facilitate smooth transactions.
The move comes amid an evolution in Egypt’s payments landscape, witnessing a surge in fintech innovations and instant payment regulations. Data from the 2022 Mastercard New Payment Index reveals that 88% of Egyptians have already embraced emerging payment methods, with this trend expected to further escalate. Consequently, there’s a growing demand for businesses to diversify their payment options, catering to alternative and locally pertinent methods to meet evolving consumer preferences.
Ahmed Marwan, Cellulant’s General Manager for Egypt and North Africa, emphasized the timely nature of these licenses in alignment with the prevalence of prepaid cards and mobile wallets among Egypt’s adult population, exceeding 40%. He stated, “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.”
Expressing enthusiasm about the milestone, Akshay Grover, Cellulant’s Group CEO, highlighted Egypt’s strategic importance for business growth in the MENA region. Grover asserted, “Securing these licenses underscores our commitment to Egypt, enabling us to make our payment solutions accessible to both regional and global businesses. This accreditation in Egypt aligns with our mission to foster opportunities and expedite economic growth.”
Over the last three years, Cellulant has nvested in its real-time payment solutions, bolstering capabilities in checkout, in-store payments, payouts, payment links, and a robust business dashboard, all centralized on its single API payment platform – Tingg. Moreover, the company has prioritized infrastructure and security, obtaining global certifications for security, privacy, business continuity, and service management.
For almost two decades, Cellulant has spearheaded the provision of cutting-edge technical, financial, and digital solutions. Currently, it powers payments for over 2000 businesses, processing approximately 20 million monthly transactions valued at about $1 billion. Its clientele spans various sectors, including Airlines, Telecoms, E-commerce, Ride-Hailing, Retail, and Remittances.
Emmanuel Ochayi is a journalist. He is a graduate of the University of Lagos, School of first choice and the nations pride. Emmanuel is keen on exploring writing angles in different areas, including Business, climate change, politics, Education, and others.
