9 hours ago
Riyad Bank and Mastercard join forces to empower MSMEs
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 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.
'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 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.'
