Extends Nuvei's local acquiring footprint into
MENA and reaffirms overall commitment to the thriving
region
MONTREAL, June 25,
2024 /CNW/ -- Nuvei Corporation ("Nuvei" or the
"Company") (Nasdaq: NVEI) (TSX: NVEI), the Canadian fintech
company, today announced that it has secured an in-principle
approval for a Retail Services Category II License from the Central
Bank of the UAE, representing an important strategic expansion into
the United Arab Emirates (UAE) and
fortifying its global presence and commitment to the Middle East and North Africa (MENA) region.
The UAE is a crucial market for Nuvei's global customers due to
its rapidly growing eCommerce sector, which is projected to surpass
$10 billion in revenue by 2029 with
an annual growth rate (CAGR 2024-2029) of approximately
9%1.
The Retail Services Category II License enables Nuvei to offer
its comprehensive suite of payments technology to businesses
operating in the thriving UAE market, including direct local
acquiring, payment aggregation services, and domestic and
cross-border fund transfers. Through direct local acquiring, Nuvei
gains greater control over the payment life cycle, ensuring further
optimized payment acceptance rates and lower processing costs for
its customers.
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 UAE."
Fayer added: "We extend our gratitude to the Central Bank of the
UAE for its in-principle approval of our Retail Payment Services
License and facilitating this opportunity. We're thrilled to be on
the cusp of launching our best-in-class services, including direct
local acquiring, in such a fast-growing digital eCommerce
market."
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 Singapore, and that it is the first global
payments company to offer local direct acquiring in Colombia.
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
NVEI-IR
Contact:
Public Relations
alex.hammond@nuvei.com
Investor Relations
IR@nuvei.com
1
https://www.statista.com/outlook/emo/ecommerce/united-arab-emirates
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SOURCE Nuvei