PayFort, an Amazon company, has been recognised as the ‘Most Innovative Online Payment Service Provider’ by the International Finance Awards 2018.
This is an awards programme run by International Finance Magazine that identifies finance, financial services and fintech companies that have achieved exceptional success.
PayFort received the award at the 5th Annual International Finance Awards ceremony held at the Jumeirah Emirates Towers in Dubai, which was attended by leaders of some of the most prominent financial organisations in the Middle East and Africa.
“We are delighted to have received the Most Innovative Online Payment Service Provider at the International Finance Awards this year,” said Omar Soudodi, Managing Director of PayFort. “This award comes towards the end of a golden year for PayFort, during which we have successfully integrated our payment gateway with country-wide government electronic payment networks in both Egypt and Saudi Arabia. Meanwhile, we continue to break down the barriers for the region’s entrepreneurs to build successful businesses online.”
The International Finance Awards is owned and managed by International Finance, a premium financial and business analysis magazine, published by International Finance Publications Ltd. With keen focus on emerging markets, International Finance provides news, analysis and commentary from a range of industry experts, contributors and writers. The annual awards programme recognises industry talent, leadership skills, industry net worth and capability on an international platform. This year’s awards was sponsored by Oman Oil Company Exploration & Production.
2018 has already seen PayFort achieve a number of strategic goals that bolster the company’s position as the leading online payment service provider in the Arab world and has supported a number of major national initiatives across the region to reduce dependence on cash and boost electronic payments.
In January, PayFort moved its Saudi Arabia operations under a new, wholly owned Saudi subsidiary and was granted the first licence authorised for ‘payments’ as an economic activity by Saudi Arabian General Investment Authority (SAGIA).
In June, PayFort announced the successful integration of its payment gateway with Saudi Arabia’s national electronic bill presentment and payment service provider in Saudi Arabia (SADAD) and with the Saudi Payment Network’s MADA national debit card.
PayFort has previously been recognised by the Sharjah Entrepreneurship Awards (Seffy Awards), being named ‘FinTech of the Year’ last year; by the Enterprise Agility Awards, hosted by The Entrepreneur MENA magazine, where PayFort was voted ‘Fintech of the Year’ (2016); and also at the prestigious Doha Bank Partners Awards, in recognition for its efforts to support Qatar’s ecommerce sector (2016).
According to this year’s PayFort State of Payments report, more than $30 billion of goods and services were purchased online in Egypt, Jordan, Kuwait, Lebanon, Qatar, Saudi Arabia and the UAE during 2016, increasing 22 percent over the past two years. The United Arab Emirates is the region’s top country in terms of dollar value and growth in value, with $12.4 billion of transactions and 21 percent annual growth recorded for 2016.