Cellulant, a fintech firm, has obtained initial approval as a payment service provider and payment facilitator in Egypt.

Cellulant announced the development yesterday, stating that adding these licences strengthens its operations in Africa. Currently, it has payment infrastructure across the continent, integrating over 370 payment methods, operating in 35 markets with licences and physical offices in 19 countries.

With the approval, Cellulant says it will enable global and regional merchants operating in Egypt to manage their business-to-business and business-to consumer payments in-country and internationally, across multiple payment methods, from mobile money to cash or direct bank transfers, in various currencies.

This comes as Egypt's payments sector has grown significantly in recent years, the company said, with current regulations enabling instant payments and fintechs transforming how financial services are delivered.

"With the prevalence of prepaid cards and mobile wallets already exceeding 40% of the adult population in Egypt, the timing of Cellulant's acquisition of these licences could not be more opportune,” said Ahmed Marwan, Cellulant's general manager for Egypt and North Africa.

Akshay Grover, Group CEO, Cellulant, said: "Egypt is such a strategic market for business growth in Middle East and North Africa. With this accreditation in Egypt, we continue progressing our mission to create opportunities and accelerate economic growth.”

Cellulant has been a pioneer in providing technical, financial and digital solutions since it was founded almost 20 years ago.

The company said it currently powers payments for over 2,000 businesses, processing 20 million monthly transactions, valued at $1 billion.