Fintech firm Cellulant announced that it has obtained approval from Egypt to operate as a payment service provider and payment facilitator.
The payments industry in Egypt has grown rapidly in recent years as a result of new regulations that permit instantaneous payments and fintechs that are redefining the way financial services are provided, upending established banking models, and changing customer payment preferences.
According to the Mastercard 2022 New Payment Index, 88 percent of Egyptians have used at least one emerging payment method, and usage is predicted to rise further.
Cellulant said that it currently processes 20 million monthly transactions worth approximately $1 billion, powering payments for over 2000 businesses.
Cellulant is a Pan-African payments firm that offers local, regional, and international retailers alternative, pertinent payment options.