Cellulant, a leading payments fintech company, has recently secured approval as both a Payment Service Provider and Payment Facilitator in Egypt, fortifying its robust presence across Africa. Operating in 19 countries with a comprehensive payment infrastructure spanning 35 markets and integrating over 370 methods, Cellulant solidifies its position within the African continent.
Egypt’s Thriving Payment Sector: A Gateway to Opportunities
Evolving regulations in Egypt have fueled significant growth in the payments landscape, with fintechs reshaping financial service delivery and instant payment facilities gaining popularity. According to the 2022 Mastercard New Payment Index, a staggering 88% of Egyptians have adopted emerging methods for transactions, a trend expected to escalate further. In response to this dynamic environment, Cellulant strategically acquired licenses, aligning seamlessly with and leveraging these shifting dynamics.
Ahmed Marwan, the General Manager for Egypt and North Africa at Cellulant, emphasized the timely importance of the licenses in a market where prepaid cards and mobile wallets have already achieved over 40% penetration among adults. He expressed not only his commitment but also that of Cellulant to simplifying business payment processes, allowing enterprises to focus on growth.
Empowering Businesses with a Spectrum of Payment Options
Cellulant holds licenses enabling the provision of collection and disbursement payment solutions, facilitating seamless B2B and B2C transactions for global and regional merchants in Egypt. This comprehensive suite includes various payment methods such as mobile money, physical and digital wallets, cash, credit or debit cards, and direct bank transfers across multiple currencies.
Akshay Grover, the Group CEO of Cellulant, underscores Egypt’s strategic significance, stating that obtaining these licenses aligns with their mission to foster economic growth and cultivate opportunities. Grover envisions Cellulant’s payment solutions driving expansion for regional and global businesses operating in Egypt.
Cellulant’s Technological Edge: A Deep Dive
Over the past three years, Cellulant has diligently invested in enhancing its real-time payment solutions, encompassing checkout, in-store transactions, payouts, and payment links, all consolidated on their single API payment platform, Tingg. The company has also significantly bolstered infrastructure and security capabilities, obtaining global certifications for security, privacy, business continuity, and service management.
Pioneering Excellence for Nearly Two Decades
For almost two decades, Cellulant has been a pioneer in payments technology, managing a staggering 20 million monthly transactions, valued at approximately $1 billion, and serving over 2000 businesses worldwide. Its influence extends across diverse sectors, including Airlines, Telecoms, E-commerce, Ride-Hailing, Retail, and Remittances, showcasing a legacy of excellence in the evolving landscape of financial transactions.