Mastercard and AlRaedah Finance signed a Memorandum of Understanding (MoU) with the motto to launch a unique “SME in a Box” payment solution for small and medium-sized businesses (SMEs) in the Kingdom of Saudi Arabia.
The partnership will allow SMEs to access fast funds directly, provided by AlRaedah Finance. It also gives an option to leverage low-cost acceptance solutions and the ability to take card payments. This will also extend access to affordable credit, overcoming one of the biggest barriers to growth for SMEs.
“At Mastercard, we continually strive to empower SMEs in Saudi Arabia, enabling their businesses to be more efficient and profitable. We are committed to supporting SMEs by offering the right tools and payment solutions in order to accelerate business growth across the entire ecosystem. We are delighted to partner with AlRaedah Finance to address small businesses’ pain points through simple and efficient solutions, allowing them to focus on operations and expanding their enterprises instead,” said J.K. Khalil, Country Manager KSA and amp; Bahrain, Mastercard.
In Saudi Arabia, about 99% of enterprises currently represent SMEs and are essential for the economy. The “SME in a Box” scheme will come up with a one-stop-shop offering improved efficiency, secure lending solutions, instant activation of payment acceptance, and access to funds at any time.
“We are pleased to sign this unique MoU with Mastercard to improve the scope of financial support for SMEs in the Kingdom. AlRaedah Finance is a pioneer of bespoke solutions, specializing in financing for small and medium enterprises. The outcome of this partnership will enable SMEs to experience a simpler and more streamlined business approach, on top of expanding the existing lending platforms offered by AlRaedah Finance,” said Paul Melotto, Chief Executive Officer, AlRaedah Finance.
As part of its response to the COVID-19 pandemic, Mastercard has committed USD 250 million in financial, technology, product, and knowledge support to small businesses across the globe over the next five years, supporting the financial stability and prosperity of companies and their employees.
By 2025, the collaboration is aligned with the global pledge by Mastercard to engage 1 billion people into the digital economy, including 50 million small businesses and 25 million female entrepreneurs.
