Nuvei secures Retail Services Category II License from Central Bank of the UAE

Nuvei 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 and fortifying its global presence and commitment to the Middle East and North Africa region. The UAE is a crucial market for Nuvei’s global customers due to its rapidly growing eCommerce sector, which is projected to surpass $10B in revenue by 2029 with an annual growth rate of approximately 9%. 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.