UAE-based fintech Mamo, a financial services platform for SMEs, gets regulatory approval to operate from Dubai International Financial Centre (DIFC), a financial centre in the Middle East, Africa and South Asia (MEASA) region.
Dubai Financial Services Authority (DFSA) has granted a licence for Mamo to carry out the regulated activity of providing money services. It also means Mamo can expand its products and services without user restrictions.
In June 2021, Mamo received DFSA approval to operate within the Innovation Testing Licence (ITL) programme, which permitted it to operate in a controlled regulatory environment to test its business model. The regulation provides frameworks requiring transparency, fairness, and efficiency, that all regulated firms must follow. It also aims to protect businesses, consumers and users of financial services offered by regulated companies, such as Mamo.
Mamo’s ambition is to accelerate the MENA region towards digital payments and champion financial inclusion and literacy across economically diverse communities. Its Mamo Pay for Business product has enjoyed exponential uptake in recent months from SMEs and is predicted to grow further with the formal regulatory green light. The fintech also offers Mamo Pay, a peer-to-peer (P2P) wallet for consumers.
Imad Gharazeddine, CEO and co-founder of Mamo, said: “We’ve built a financial services platform that enables both SMEs and consumers to move money faster, more efficiently and more securely in the UAE. Today marks a crucial milestone for our business and a major inflection point in our growth trajectory.
“Receiving full regulatory approval in DIFC allows us to continue to expand our product stack, offering new features and functionality to our customers. Today’s achievement marks the culmination of years of hard work and innovation, and to have the recognition by a leading regulator inthe DFSA is testament to the quality of our product, providing Mamo and its users security, safety, and peace of mind by licensing us.
“We are making sure we set a new example for compliance and regulation and are incredibly grateful to the DFSA for their support and guidance through the process.”