Abdulaziz Al Jouf discusses empowering MENA businesses with tailored fintech solutions, scaling success, and future strategies.
Welcome Abdulaziz, can you share a bit about your journey in founding PayTabs and what inspired you to launch such an impactful fintech company in the MENA region?
If I collected a dollar for every time I’ve been asked this question, I can retire happy, healthy and wise. But the truth of the matter is that my journey with PayTabs began with a very personal problem—solving payment acceptance for small businesses in KSA, including my own. I’ve always been passionate about entrepreneurship, and throughout my career, I saw first-hand how difficult it was for SMEs to access reliable, secure, and affordable payment solutions in the MENA region.
The gap between what local businesses needed and what was available was clear. These businesses were the backbone of our economy, yet they struggled with payment inefficiencies that often held them back from growth and scaling. I knew we had to develop something that wasn’t just about facilitating transactions but empowering local commerce, driving financial inclusion, and providing a foundation for businesses to thrive, following the footsteps of the Kingdom’s vision 2030.
That’s what inspired me to launch PayTabs. I wanted to create a payments ecosystem that was simple, scalable, and designed to meet the unique needs of this region, while also giving entrepreneurs, like me, the tools to succeed in a global digital economy.
Today, our mission remains the same—to power every digital transaction in the region.
With PayTabs set to cross SAR200 billion in payment processing volumes by 2025, what key factors have contributed to this impressive growth, and how do you plan to sustain this momentum?
PayTabs’ infrastructure, launched just months ago, has been a key enabler of the group’s growth trajectory and allowed us to confidently make projections about reaching SAR200 billion in payment processing volumes by 2025. This infrastructure isn’t just about handling large transaction volumes; it’s built to be scalable, secure, and adaptable to the evolving needs of the market. We’ve implemented the technology and streamlined payment orchestration systems that allow merchants across the Middle East to integrate seamlessly with our platform, simplifying the complexities of cross-border payments and multi-currency transactions.
Several key factors have contributed to our impressive growth:
Localized Solutions: We understand the unique business and regulatory landscape in the Middle East, and we’ve tailored our offerings to meet the specific needs of merchants here. This includes our soft POS solutions (in the Levant region), app integrations, and local payment methods that allow businesses to grow within their markets and scale globally.
Strategic Partnerships: Collaborating with key financial institutions, governments, and technology providers in the region has played a critical role. These partnerships allow us to innovate faster and offer end-to-end financial solutions that merchants trust.
Customer-Centric Focus: We place immense value on listening to our customers—whether SMEs or large enterprises. By continuously enhancing our platform based on their feedback, we ensure that PayTabs remains not only relevant but indispensable to their growth.
To sustain this momentum, we’re focused on expanding our geographic footprint, particularly into emerging markets within the MENA region, while also developing new product offerings such as our merchant super app.
Your payment orchestration platform has been a major driver of success. Could you explain how this platform works and why it has been so crucial for scaling businesses across the region?
Our payment orchestration platform has been key to scaling businesses across the region by offering a robust, full-stack payment solution. It supports both online and offline payments, integrating services such as payment gateways, Merchant Super App, and centralized analytics. This system simplifies payment management for merchants, allowing them to accept multiple payment methods (cards, QR payments, Buy Now Pay Later, etc.) through a unified API. The platform’s security and scalability also ensure seamless growth for businesses by offering custom-fit solutions, rapid go-to-market strategies, and local compliance with data regulations
PayTabs has achieved remarkable growth year-on-year. What strategies are in place to maintain a 200% to 400% annual growth rate in such competitive markets, especially as you expand further across MENA?
To maintain a 200% to 400% annual growth rate, PayTabs focuses on continuous innovation, expanding product offerings, and local market adaptation. We prioritize strategic partnerships and a customer-centric approach to build strong relationships. Additionally, aggressive marketing initiatives and talent development ensure we remain agile and responsive to market demands, positioning us for sustainable growth across the MENA region.
The ability to process billions in payment volumes per second is quite a feat. How do you ensure the scalability and security of your operations, particularly with such high transaction volumes across multiple markets?
To ensure scalability and security while processing billions in payment volumes per second, we:
- Implement multi-layered transaction security: This establishes a secure processing environment with additional layers of authentication and fraud prevention, enhancing security during online transactions.
- Comply with PCI DSS: Adhere to stringent security standards for handling cardholder information.
- Utilize Scalable Infrastructure: Leverage cloud technology and robust APIs to efficiently manage high transaction volumes across multiple markets in the region
Your company has been a leader in building payment infrastructure for both enterprises and governments. How do you see the role of PayTabs evolving in the region’s digital payment ecosystem in the coming years?
PayTabs will continue to play a pivotal role in the region’s digital payment ecosystem by expanding our services across diverse sectors such as enterprises, governments, financial institutions, telecoms, fintechs, and digital wallet providers. Our goal is to drive seamless, secure, and scalable payment solutions that cater to the entire merchant ecosystem.
With the growing speculation around a potential IPO, what considerations are you considering as you evaluate this next possible step for PayTabs?
The media is always free to speculate within reason. Any IPO considerations will be announced at the right time via the appropriate channels.
PayTabs has developed innovative solutions like PT Touch and unified payment orchestration. How do these products distinguish themselves from others in the market, and what has been the feedback from your clients so far?
PayTabs’ solutions like PT Touch and our unified payment orchestration platform are uniquely distinguished by our in-house, merchant-driven technology. We don’t rely on off-the-shelf solutions; instead, we invent technology based on the real needs of our merchants and the market. By closely collaborating with them, we customize and build solutions that address their specific challenges.
This approach allows us to develop highly tailored and efficient products, like PT Touch, which eliminates the need for traditional POS hardware, and our orchestration platform, which seamlessly integrates various payment methods. The feedback from our clients has been overwhelmingly positive, as they appreciate the flexibility and customization that helps them scale and optimize their operations.
Looking to the future, what are the biggest challenges and opportunities you foresee for PayTabs, and how are you preparing to navigate them in the rapidly evolving fintech landscape?
Looking to the future, one of the biggest challenges is keeping up with the lightning-fast evolution of fintech while juggling the ever-growing demands of our merchants. But, hey—who doesn’t love a good challenge? The real opportunity lies in staying ahead of the game by continuously inventing solutions that are tailor-made for our merchants, not borrowed from others. We’re like the fintech version of a chef who never uses a recipe—everything we create is custom, and just right for the market!
Whatever the future holds, PayTabs is ready to ride the next fintech wave – after all, we created the first one
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