MyFatoorah, a leading payments platform across the Middle East, has acquired a license from the Central Bank of UAE (CBUAE).
The platform has become the first regional payments platform to have reached a significant industry achievement by obtaining licenses from the Central Banks of six regional countries, including from CBUAE. With the issuance of these licenses, the payments platform introduces its ‘Payments Without Borders’ concept, aimed at enabling seamless cross-border payment acceptance while enhancing trust and convenience in digital payments.
Having obtained licenses from CBUAE, Saudi Arabia, Kuwait, Bahrain, and Qatar and approval from the Central Bank of Egypt, MyFatoorah is now positioned to offer direct merchant-acquiring services and payment aggregation solutions with reduced reliance on traditional banking channels. This strategic shift gives the company greater autonomy to enhance operational efficiency and provide exceptional service for merchants.
“Securing the UAE Acquiring 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. With endorsements from five Central Banks and the UAE Acquiring license, MyFatoorah remains at the forefront of the digital payments scene, shaping industry standards for end-to-end merchant acquiring services.”
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.
Such collaborations with regional regulators will pave the way for MyFatoorah to introduce cutting-edge products with faster speed to market, this empowers the platform to cover all merchant verticals by launching regional products such as DHL Sell & Ship, POS, Soft POS, and more.