Riyad Bank and Mastercard launch a unique program empowering MSMEs in the Kingdom
Riyadh, Saudi Arabia – Riyad Bank and Mastercard have collaborated to provide small and medium-sized businesses in Saudi Arabia with enhanced access to funding. The two entities have introduced a unique credit card program offering micro, small, and medium-sized enterprises (MSMEs) access to financial solutions to grow and thrive.
As part of the agreement, Riyad Bank will enable MSMEs across the Kingdom with a three-tier credit program providing greater choice and flexibility in the form of unique cards: the Mastercard NMOO Business Credit Card, Mastercard NMOO Executive Credit Card, and Mastercard NMOO World Credit Card.
Each of these unique products will offer flexible limits, supporting enterprises and entrepreneurs to take greater control of their futures. They will deliver real-time solutions that support MSMEs to help buy, operate and sell, bridging financing gaps, and providing access to funding by enabling enterprises to get approved for credit facilities, for example, for business expansion.
The launch of the three-tier credit program marks the latest step by Mastercard and Riyad Bank to serve MSMEs of all sizes and business types across multiple segments and sectors. The program caters to the specific needs and evolving demands of MSMEs in a rapidly changing global economy.
'As one of the largest financial institutions in the Kingdom, we are fully committed to serving as a trusted financial solutions partner to the people, businesses, and entities we support,' said Mohammed Abo Al-Naja Chief Corporate Banking Officer, Riyad Bank. 'Over the years, we have helped to drive the growth and development of Saudi Arabia's micro, small, and medium-sized enterprises ecosystem, and today, we are more determined than ever to empower businesses to realize their potential. We are pleased to have partnered with Mastercard to launch our truly novel three-tier credit program, powering the future of MSMEs with timely access to crucial funding.'
'At a time when Saudi entrepreneurship is truly beginning to flourish, we recognize that effective partnerships and innovation are essential to empowering micro, small, and medium-sized enterprises (MSMEs) to advance and thrive,' said Adam Jones, EVP and Division President, West Arabia, Mastercard. 'Our partnership with Riyad Bank was launched with this goal in mind. Together, we aim to provide MSMEs with essential access to critical lending and funding. We look forward to expanding our first-of-its-kind program to more businesses across the country and supporting them in achieving their goals.'
In line with Vision 2030 and the National Transformation program, Riyad Bank's partnership with Mastercard's will help to strengthen Saudi Arabia's MSME infrastructure, curating an extensive range of modern financial solutions that will prime enterprises across the Kingdom for even more lasting success.
By introducing novel, responsive offerings that cater to businesses' needs, Riyad Bank and Mastercard will further enable MSMEs to unlock their potential and increase their contribution to GDP. With SME needs in the Kingdom constantly evolving — beyond banking and payments — the partnership will help to create a comprehensive ecosystem of business tools to address the full scope of these businesses' demands.
The Mastercard NMOO Executive Credit Card will empower MSMEs to enhance their businesses by streamlining cashflow management, improving inventory procurement and facilitating supplier payments. Crucially, it will also help to support the travel and entertainment needs of MSMEs' clients and consumers. The Mastercard NMOO Business Credit Card has been introduced to empower entrepreneurs to enhance their businesses through access to the Easy Savings Specials Marketplace and innovative Management Subscription Platform, while the Mastercard NMOO World Credit Card supports investors, business leaders and startup founders with direct guidance and competitive rates.
According to the Small and Medium Enterprises General Authority, Monsha'at, Saudi Arabia is now home to over 1.3 million small and medium-sized enterprises, with strong public investment and high venture capital investments raising the total number of enterprises in the Kingdom..
With MSMEs evolving at a rapid pace, in line with the acceleration of digital transformation and consumers' changing preferences, the introduction of Mastercard and Riyad Bank's three-tier credit program comes at an opportune time when gaining access to funds and establishing financial systems that help to build credit are top-of-mind.
About Mastercard www.mastercard.com
Mastercard powers economies and empowers people in 200+ countries and territories worldwide. Together with our customers, we're building a sustainable economy where everyone can prosper. We support a wide range of digital payments choices, making transactions secure, simple, smart and accessible. Our technology and innovation, partnerships and networks combine to deliver a unique set of products and services that help people, businesses and governments realize their greatest potential.
About Riyad Bank
Riyad Bank is one of the largest financial institutions in the Kingdom of Saudi Arabia and the Middle East. Established in 1957, with a paid-up capital of SAR 30 billion. With more than 5,700 employees, Riyad Bank takes pride in being among the top Saudi organizations with the highest national employment rate of 96%. 28% of them are being women.
Riyad Bank provides a comprehensive range of products and services fully compliant with the Islamic Sharia' to meet the needs of both retail and corporate customers, including small and medium-size enterprises. It plays a leading role in various areas of finance and investment around Saudi Arabia, that is why Riyad Bank is distinguished as a leading financier and arranger of syndicated loans in the oil, petrochemicals and most of the Kingdom's mega projects.
Riyad Bank offers innovative and remarkable financing solutions through a network of 224 licensed branches, and more than 255,442 POS, in addition to more than 1,830 ATMs well distributed in strategic & carefully selected locations around the Kingdom.
Since the global expansion is essential for some of Riyad Bank customers outside the Kingdom, a branch in London and office in Houston (USA) and a Representative Office in Singapore, help in supporting the international banking needs of such customers.
Our electronic banking services (web-based and mobile applications) use the latest digital technologies to address the banking needs of our customers with utmost ease, convenience and security.
Our Values
We Care
We Win
We are One Team
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Khaleej Times
35 minutes ago
- Khaleej Times
Fintech revolution: Borderless finance driving inclusion with GTN
The future of fintech is undeniably here, defined by accessibility, personalisation, and seamless integration of financial services into everyday life. As the financial landscape evolves, investing and money management are becoming embedded in our daily transactions, with GTN leading this revolution by helping institutions adapt while driving financial inclusion across the Middle East and North Africa (Mena) region. Financial technology has democratised money management. Investment opportunities once reserved for the wealthy are now available to everyday consumers through intuitive, automated solutions like round-ups, auto-sweeps, dollar-a-day investing, and micro-portfolios. These innovations foster financial habits previously inaccessible to most people, transforming how we build wealth. The brilliance of modern fintech isn't just about access, it's about integration. API-driven architectures allow users to interact with finances naturally and effortlessly. Whether it's automatic micro-portfolio contributions or smart savings tools within banking apps, these services blend seamlessly into existing digital experiences, requiring minimal conscious effort from users. Remarkable shift in Mena In Mena, this transformation is accelerating rapidly. The Mena region has seen a remarkable shift in recent years, moving swiftly to embrace fintech innovation and positioning itself as a serious contender on the global stage, thanks to forward-thinking regulation and a surge in digital engagement. The UAE, Saudi Arabia, and Bahrain have implemented progressive initiatives including regulatory sandboxes and national strategies like Saudi Vision 2030, creating fertile ground for fintech growth and digital banking. As a result, investment opportunities once limited to high-net-worth individuals are becoming widely accessible. This revolution is reshaping the competitive landscape, with financial institutions facing mounting pressure to meet elevated customer expectations. Today's consumers demand experiences characterised by speed, convenience, transparency, and personalisation. Standards set by other digital industries. Banks and brokers throughout Mena are racing to modernise their offerings with platforms that deliver fast, secure, and intuitive financial tools. GTN excels GTN excels in this environment as a fintech leader providing cutting-edge solutions that help both established institutions and emerging startups scale efficiently. Their API-driven platforms and customisable solutions enable seamless integration of advanced trading and investing capabilities without the limitations of legacy systems. This empowers institutions to remain competitive amid rapid market changes. Organisations like ADIB Securities have embraced GTN's technology to create user-friendly trading platforms appealing to millennial and Gen Z investors. These platforms offer personalised experiences and unified access to diverse financial products, from stocks to bonds to commodities all within a cohesive environment. In today's digital transformation era, success comes through collaboration rather than competition between fintechs and traditional institutions. Together, they're building an inclusive, efficient financial ecosystem accessible to all. GTN stands at the forefront of this movement, helping Mena financial institutions unlock new opportunities while ensuring broader financial inclusion. The journey towards borderless finance is underway, with fintech leaders like GTN driving innovation. As technology evolves, the vision remains clear: to make financial services accessible, personalised, and integrated into everyday life, ensuring everyone can build the financial future they deserve.
Khaleej Times
35 minutes ago
- Khaleej Times
UAE imposes Dh3.5-million fine against exchange house
The UAE has imposed a penalty of Dh3.5 million on an exchange house, the Central Bank of the UAE (CBUAE) announced on Monday. The financial sanction was imposed pursuant to Article (14) of the Federal Decree Law No. (20) of 2018 on Anti-Money Laundering and Combating the Financing of Terrorism and Illegal Organisations and its amendments. The sanction comes after an investigation revealed that the exchange house failed to comply with AML/CFT policies and procedures. The CBUAE, through its supervisory and regulatory mandates, aims to ensure that all exchange houses, their owners, and staff abide by the UAE laws, regulations and standards established by the CBUAE to maintain transparency of the financial transactions.
Arabian Business
43 minutes ago
- Arabian Business
AB Majlis podcast: Hala Taxi app holds 37% of Dubai's e-hailing market despite new competition
Ride-hailing service Hala, a joint venture between Dubai's Roads and Transport Authority (RTA) and Careem, now commands 37 per cent of Dubai's e-hailing market as it expands its green vehicle fleet amid rising competition, its CEO said. In an interview on the Arabian Business podcast AB Majlis, Hala CEO Khaled Nuseibeh revealed the company grew its customer base by 21 per cent year-on-year while increasing trips by 17 per cent, despite new market entrants like Yango and Bolt. 'Competition is always healthy for every industry. It forces players to compete. It forces players to come up with different ways to raise the bar and innovate,' Nuseibeh told the podcast. Launched in 2019, Hala was created to digitise Dubai's taxi service, transforming how residents and tourists book and use taxis in the emirate. Prior to Hala, customers had to either hail taxis on the street or call a booking service. The company has also improved its reliability by 11 percentage points while experiencing growth, a metric Nuseibeh highlighted as crucial to the service's success. 'It's beautiful when you're growing, and your customers are happy, and you're also improving on your reliability,' he said. 'Reliability… means people can depend on us. It means they can use us, and it means they can continuously count on Hala for their journeys.' Nuseibeh, who previously worked at Careem before and during its acquisition by Uber, attributed Hala's continued success to its deep understanding of the local market and close partnership with the RTA. 'We have a very deep understanding of the city. We've been in Dubai for a long time. We really understand our customer base, our captains, and we understand what it takes to actually solve for reliability and convenience,' he said. The company has recently diversified its offerings by introducing electric vehicles in high-demand areas like Dubai Marina and Palm Jumeirah at no additional cost to customers. Nuseibeh said the initiative has saved nearly 97 million grams of CO2 emissions since launch, equivalent to a car driving approximately 293,000 kilometres. 'We've seen that customers are quite generally happy,' Nuseibeh said regarding the EV rollout. 'As this technology matures, as you see more and more cars come into play, you will see more of these vehicles shift into becoming green vehicles.' He added that Hala will support the RTA's pledge to make 100 per cent of its vehicles eco-friendly by 2027. The company has also introduced new technologies to enhance customer experience, including WhatsApp booking capabilities aimed primarily at tourists who may not have the Careem app installed. 'We saw tourists actually want an easier way to book if they don't have the Careem map, which is like a stepping stone, you can just book a Hala immediately from your WhatsApp service,' he explained. When asked about potential future developments like flying or autonomous taxis, Nuseibeh said Hala would 'follow the lead of the RTA in any new technology that is regulated.' 'The most important thing for us is in adopting any new technology. We would always make sure that this technology has to be safe and efficient and caters to customer needs,' he added, suggesting autonomous vehicles would eventually work alongside human drivers during a transition period. Regarding brand recognition, Nuseibeh highlighted how 'Hala' has become synonymous with taxi booking in Dubai's vernacular, with residents commonly saying they will 'book a Hala' rather than a taxi. 'It seems we've done our work correctly. We've managed to really create that engagement with our customers,' he said. The company recently launched a marketing campaign called 'Real Icons of Dubai' celebrating the everyday users of the service, including working families, busy professionals, and tourists. To listen to the full episode and gain a comprehensive understanding of doing business in the Gulf region, visit our RSS feed or check out AB Majlis on Spotify, Apple Podcasts, and other platforms. Episodes are also available on: Tune in every Monday for weekly episodes that will help you stay ahead of the curve and enrich your understanding of the Gulf region.
