Nuvei secures Retail Services Category II License from the Central Bank of the UAE
Nuvei (Nasdaq: NVEI, TSX: NVEI) announced it has received in-principle approval for a Retail Services Category II License from the Central Bank of the UAE. This license enables Nuvei to expand its operations in the UAE, a key market in the MENA region, by offering direct local acquiring, payment aggregation, and domestic and cross-border fund transfers. The UAE’s eCommerce sector, projected to grow at a 9% CAGR reaching over $10 billion by 2029, presents significant opportunities for Nuvei’s comprehensive payments technology. This expansion complements Nuvei’s strategic goals, following its recent acquisitions of a Major Payment Institution license in Singapore and being the first global payments firm to offer local direct acquiring in Colombia.
- Nuvei received in-principle approval for a Retail Services Category II License from the Central Bank of the UAE.
- The license allows Nuvei to offer direct local acquiring, payment aggregation, and domestic and cross-border fund transfers.
- The UAE's eCommerce sector is projected to grow at a 9% CAGR, reaching over $10 billion by 2029.
- Nuvei's expansion strengthens its presence in the MENA region and supports local and international customer growth.
- Recent strategic expansions include a Major Payment Institution license in Singapore and local direct acquiring in Colombia.
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Nuvei's recent license approval from the Central Bank of the UAE signifies a strategic move towards capturing a larger market share in the thriving MENA region. This expansion is particularly significant due to the rapid growth of the UAE's eCommerce sector, projected to exceed
Investors should note the competitive edge this provides Nuvei compared to other fintech firms without similar licenses in the region. This strategic foothold could translate to increased
From a market perspective, Nuvei's entry into the UAE is a calculated response to the region's burgeoning digital economy. The MENA region has shown remarkable growth in digital transactions, with governments and businesses increasingly adopting fintech solutions. Nuvei's direct local acquiring capability is particularly relevant as it addresses the specific needs of local businesses, potentially increasing Nuvei's clientele and loyalty in the region.
Furthermore, the UAE's strategic location as a trade and business hub means that Nuvei’s enhanced payment solutions can facilitate cross-border transactions, which are important for businesses operating in multiple markets. This positions Nuvei well to leverage the region's economic dynamics and accelerates its growth trajectory in a burgeoning market segment.
Extends Nuvei's local acquiring footprint into MENA and reaffirms overall commitment to the thriving region
The
The Retail Services Category II License enables Nuvei to offer its comprehensive suite of payments technology to businesses operating in the thriving
Nuvei already has a strong commercial presence and existing high-profile partnerships in the region. This expansion across the MENA region reaffirms Nuvei's commitment to supporting its customers' growth both locally and internationally.
Philip Fayer, Nuvei's Chair and CEO, commented on the announcement: "Our mission is to connect our customers to their customers more deeply through payments, wherever those customers are and however they want to pay. Expanding our global licenses portfolio has been a key focus in this regard, and we can now offer the full power of our payment platform to support the growth aspirations of businesses operating in the
Fayer added: "We extend our gratitude to the Central Bank of the
This announcement is the latest from Nuvei as it continues to strengthen its global reach, including extending its local acquiring capabilities in more than 50 countries. In 2024 Nuvei has already announced that it had secured a Major Payment Institution (MPI) license from the Monetary Authority of
About Nuvei
Nuvei (Nasdaq: NVEI) (TSX: NVEI) is the Canadian fintech company accelerating the business of clients around the world. Nuvei's modular, flexible and scalable technology allows leading companies to accept next-gen payments, offer all payout options and benefit from card issuing, banking, risk and fraud management services. Connecting businesses to their customers in more than 200 markets, with local acquiring in 50 markets, 150 currencies and 700 alternative payment methods, Nuvei provides the technology and insights for customers and partners to succeed locally and globally with one integration.
For more information, visit www.nuvei.com
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