Grace Ashiru
Paymob, a prominent financial services provider in the Middle East, North Africa, and Pakistan (MENA-P), has recently joined forces with Mastercard. This collaboration aims to boost digital payment adoption throughout the MENA region.
This comprehensive, omnichannel partnership will utilize the strengths of Paymob’s payment infrastructure alongside Mastercard’s advanced payment technology. The primary goal is to expand the reach of affordable solutions to micro, small, and medium-sized enterprises (MSMEs) in crucial markets. The partnership will focus on enhancing and facilitating solutions like Tap on Phone, e-commerce gateways, and payment links. By concentrating on affordable solutions, this joint effort intends to rapidly increase digital payment acceptance among smaller businesses and cater to needs that were not previously met by existing payment systems.
Mastercard’s ambitious aim to digitize 50 million small businesses worldwide by 2025 aligns seamlessly with Paymob’s dedication to empowering Micro, Small, and Medium Enterprises (MSMEs) in the digital realm. In the MENA region, MSMEs are crucial for economic expansion and play a significant role in contributing to the GDP. By facilitating their transition to the digital world, these enterprises are not only prospering but also playing a pivotal role in the journey towards financial inclusivity and the region’s shift to a cashless society.
Islam Shawky, Paymob’s Co-founder and CEO, commented, “Our strategic alliance with Mastercard aligns perfectly with Paymob’s goal of empowering MSMEs through state-of-the-art financial services. Together, we are fast-tracking the implementation of affordable digital payment options, which will boost the uptake of digital transactions in the region. We are committed to fostering a setting where MSMEs in the MENA region have the tools they need to thrive in a cashless economy.”
Gaurang Shah, Executive Vice President of Products & Engineering, EEMEA at Mastercard, expressed the company’s commitment to creating tailored solutions for MSMEs, focusing on secure payment methods. He shared his enthusiasm about partnering with Paymob, noting that this collaboration combines the strengths of both companies to support small businesses in leveraging the digital economy’s opportunities and contributing significantly to sustainable development.
Mastercard utilizes its vast network, advanced technology, and global partnerships to assist MSMEs in adapting to evolving business landscapes and shifting consumer spending trends. The company positions itself as a reliable provider of innovative, cost-effective digital payment solutions specifically designed for small businesses, enabling them to diversify and grow effectively.
Paymob, Egypt’s premier omnichannel payments infrastructure provider, delivers the most extensive suite of acceptance solutions to its merchants, establishing itself as a key growth ally for MSMEs. This follows Paymob’s swift expansion across the region, fueled by its substantial Series B funding of USD 50 million in 2022. In addition to Egypt, Paymob’s services extend to merchants in KSA, UAE, Oman, and Pakistan, thanks to its partnership with Mastercard.
