Nuvei Secures Key License from UAE Central Bank
This step is part of Nuvei Corporation’s expansion plan in the UAE and the Middle East and North Africa (MENA) region.
The Canadian fintech company Nuvei Corporation announced that it has secured in-principle approval for a Retail Services Category II License from the Central Bank of the UAE (CBUAE). This step is part of Nuvei Corporation’s expansion plan in the UAE and the Middle East and North Africa (MENA) region.[1]
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The Retail Services Category II License allows Nuvei to offer a suite of payment solutions to businesses in the UAE market, including direct local acquiring, payment aggregation services, and domestic and cross-border fund transfers. With direct local acquiring, Nuvei gains greater control over the payment lifecycle, enhancing payment acceptance rates and reducing processing costs for customers.
In 2024, Nuvei secured a Major Payment Institution (MPI) license from the Monetary Authority of Singapore and became the first global payments company to offer local direct acquiring in Colombia.
Nuvei, previously known as Pivotal Payments, was established in 2003 by Philip Fayer.