Mamo, a leading Fintech company based in the UAE, announced that it has now become a principal member of Visa in the UAE. This is a momentous milestone for the company after signing a five-year partnership agreement with Visa across the MENA region and launching the Corporate Visa Card program earlier in 2023.
Being a principal member is a mark of distinction and is a testament to the company’s compliance with Visa’s stringent standards and regulations. The coveted membership now gives Mamo direct access to the Visa network, enabling the company to independently and globally process Visa credit and debit card payments, issue Visa cards, and disburse cash to its customers.
This strategic partnership empowered Mamo to launch its Mamo Corporate Visa Card earlier in 2023. The Mamo Corporate Visa Card is a key product in Mamo’s “spend management” suite, enabling Mamo Business customers to manage their corporate spends right from within the UAE’s most reliable business payments platform.
Mamo Business now boasts a full suite of financial products that help businesses digitize their financial operations. This includes payment processing, spend management, as well as APIs and integrations. Combined, this suite of products enables businesses to accept payments globally using multiple currencies and payment methods, issue Corporate Visa Cards and centralize expense management, as well as integrate any and all of Mamo’s capabilities into the business’ unique financial workflows.
The card-based corporate spend industry in MENA is growing at a CAGR of 15% and is expected to reach $120 billion by 2025. The SME sector is the major driver for growth, accounting for over 60% of the market.
Imad Gharazeddine, Co-founder, and CEO at Mamo, says, “The Mamo platform aims to help businesses digitize their payment operations, which is aligned with the objective of the Dubai Economic Agenda (D33); to generate an annual contribution of AED 100 billion from digital transformation projects to Dubai’s economy.”
Looking to the future, and in partnership with Visa, Mamo is eyeing expansion into new markets across the MENA region, reinforcing its position as a leading player in the Fintech industry, poised to revolutionize financial services in the UAE and beyond.
“Our principal membership and regional partnership with Visa are a game-changer for Mamo. With Visa’s support, we unlock remarkable opportunities for growth and can accelerate the realization of our vision”, says Gharazeddine. He also adds, “The launch of the Mamo Visa Corporate Card exemplifies the tangible impact of this collaboration, empowering businesses with seamless and efficient financial solutions at a global scale.”
“I am delighted to welcome Mamo as a new principal member of Visa, enabling them to extend their services to the MENA region.” said Sara Tabana, Senior Director, Digital Partnerships & Ventures at Visa, GCC. She added “The team’s dedication and efficiency during the onboarding process have been commendable. I eagerly anticipate working together to revolutionize SME Financial Services across the MENA region.”