Becomes the first regional payments platform to receive six Central Bank licenses
MyFatoorah has reached a significant industry achievement by obtaining licenses from the Central Banks of six regional countries, including the acquiring license from the UAE Central Bank.
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, the company announced in a press statement.
Having obtained licenses from the Central Banks of the UAE, 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.
Greater autonomy
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,” stressed Abdullah Aldabbous, Founder & Managing Director, MyFatoorah.
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.
