Kuwaiti fintech MyFatoorah secures UAE central bank licence

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Kuwait-based fintech firm MyFatoorah has secured a licence from the Central Bank of the UAE, becoming the first regional digital payment solutions provider to receive six central bank licenses.

With the issuance of these licenses, the payments platform introduces its ‘Payments Without Borders’ concept, which is aimed at enabling seamless cross-border payment acceptance while enhancing trust and convenience in digital payments.

“Securing the UAE acquiring licence is a testament to the trust and credibility MyFatoorah has earned,” said Abdullah Aldabbous, founder and managing director of MyFatoorah.

“This accomplishment reinforces the company’s dedication to enhancing customer experiences, driving innovation, and cultivating a thriving business ecosystem.”

MyFatoorah has obtained the Direct Acquiring License from the UAE Central Bank. This opens doors to endless possibilities for our valued vendors. From competitive pricing to higher transaction approval rates and streamlined cross-border transaction acceptance, we’re committed to… pic.twitter.com/qXAMSxdcTG

— MyFatoorah (@myfatoorah) August 21, 2023

MyFatoorah is now positioned to offer direct merchant-acquiring services and payment aggregation solutions with reduced reliance on traditional banking channels, having obtained licences from central banks in the UAE, Saudi Arabia, Kuwait, Bahrain as well as Qatar, Oman and Egypt.

The digital payments gateway enables regional and international merchants to seamlessly accept various local payment methods such as MADA, KNET, Benefit, NAPS, Fawry, Meeza and OmanNet through a unified dashboard.

The fintech firm’s collaborations with financial regulators pave the way for it to introduce cutting-edge products with faster speed to market. This has also empowered the payments platform to cover all merchant verticals by launching regional products such as DHL Sell & Ship, POS and Soft POS.

MyFatoorah simplifies payments

Founded in 2016, MyFatoorah seeks to simplify payments by creating invoices and collecting payments. The company has a robust, marketplace reputation because of its fast deposit times through all major banks.

It also enables users to improve their cash flow and make secured payments. MyFatoorah executed payments worth $3.8bn in 2022, with more than 367,000 app downloads and over 75,500 active users as of December 2022. Keywords: MyFatoorah, Digital payments, Payments gateway

The company also signed a cooperation agreement with Fawry in February to provide FawryPay reference code service for MyFatoorah’s customers and merchants in the Egyptian market.

Read: UAE payments revenue expected to reach $18.7bn by 2031 – report