Yalla Financial Solutions has received in-principle approval from the Central Bank of the UAE (CBUAE) for a Category II Retail Payment Services license, subject to final regulatory clearance.
The approval falls under the CBUAE’s Retail Payment Services and Card Schemes Regulation and could allow Yalla to expand its payment infrastructure for consumers, merchants and enterprises in the UAE, according to the company.
Waleed Sadek, CEO and founder of Yalla Financial Solutions, described the approval as a significant milestone for the fintech company.
Yalla currently operates in Egypt, the UAE, Saudi Arabia and Pakistan. In Egypt, its Yalla Super App, operated in partnership with Visa, offers services including money transfers and bill payments. The company said the platform has more than two million active users and has processed over 15 million transactions worth more than EGP 14 billion.
Yalla also operates a Merchant Super App providing digital collections, QR payments, payment acceptance and business management tools.
Source: Fintech News UAE
