Ayodeji Ayenuwa
African payments firm Cellulant has received initial approval to function as a Payment Service Provider and Payment Facilitator in Egypt, marking a significant milestone in its global expansion strategy.
The company, already operational in 35 markets with licenses in 19 countries, is capitalizing on the regulatory changes and growing fintech influence in Egypt’s payments sector.
Unlocking the Egyptian Market
Cellulant’s entry into Egypt aims to empower both global and regional merchants by providing seamless management of Business-to-Business (B2B) and Business-to-Consumer (B2C) payments.
Ahmed Marwan, Cellulant’s General Manager for Egypt and North Africa, highlighted the strategic importance of this move, stating, “Egypt is such a strategic market for business growth in MENA. We are excited to successfully secure these licenses and solidify our operations in Egypt, making our payment solutions accessible to the regional and global businesses operating in and getting into Egypt.”
The 2022 Mastercard New Payment Index reveals a notable trend, with 88% of Egyptians adopting emerging payment methods.
Cellulant aims to leverage this shift in consumer behavior by offering diverse payment options, including mobile money, wallets, cash, card, or direct bank transfers across various currencies.
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Seizing the Opportunity in a Transformative Market
Egypt’s payments sector has experienced substantial growth, driven by regulatory frameworks supporting instant payments and the transformative impact of fintech.
Marwan emphasized the timely nature of Cellulant’s acquisition of licenses, coinciding with prepaid cards and mobile wallets exceeding 40% adoption among the adult population in Egypt.
As a pioneer in providing cutting-edge technical, financial, and digital solutions for nearly 20 years, Cellulant emphasizes its commitment to intensifying efforts to provide reliable payment options for businesses in the region.
Akshay Grover, Cellulant’s Group CEO, remarked “Egypt is such a strategic market for business growth in MENA. With this accreditation in Egypt, we continue progressing our mission to create opportunities and accelerate economic growth.”
In expanding into the Middle East and North Africa (MENA) region, Cellulant positions itself as a proactive force in reshaping international financial transactions.
With a focus on adapting to evolving consumer preferences, Cellulant’s move into Egypt reflects its commitment to staying ahead in the dynamic fintech space.
The company’s extensive payment infrastructure and emphasis on providing diverse and efficient payment options signal a new standard in the evolving landscape of financial services delivery.
Techrectory with Agency Report.
