Saudi National Bank (SNB), the largest financial institution in the Kingdom, has announced its intention to launch a new Point-of-Sale (POS) lending solution for small and medium enterprises (SMEs). The initiative, which is subject to approvals from the Saudi Central Bank (SAMA), will be powered by Tarabut, a leading regulated financial technology platform in MENA, and delivered through Geidea, a prominent payment solutions provider in Saudi Arabia.
This partnership aligns with Saudi Vision 2030 and the Financial Sector Development Program, aiming to provide faster, simpler, and more inclusive access to working capital for SMEs, which are considered a vital component of Saudi Arabia’s economy.
Mr. Saud Abdulaziz Bajbair, Retail Business Group Head at SNB, stated, “As the Kingdom’s national bank, SNB is committed to providing innovative solutions that empower SMEs. By integrating lending directly into the platforms that SMEs already use every day, we are making access to finance faster, simpler, and more inclusive. This initiative is a milestone in the Saudi financial sector and a significant step towards realising Vision 2030.”
Tarabut contributes its intelligence layer to power open banking within the Kingdom, enabling banks like SNB to move beyond traditional lending models. This technology facilitates instant, tailored credit experiences directly within the digital platforms that SMEs utilize.
Abdulla Almoayed, Founder and CEO of Tarabut, commented, “We are proud to be SNB’s technology partner in this landmark initiative. By bringing financing closer to the point of need, Tarabut enables digital lending for SMEs. Together with SNB and Geidea, we are delivering innovation at national scale, transforming SME finance in the Kingdom and directly advancing Vision 2030’s goals of financial inclusion and economic growth.”
Geidea, with its regional merchant network encompassing nearly one million PoS terminals, will integrate this financing directly into merchants’ payment ecosystems, covering both Point of Sale and eCommerce channels. Geidea serves over 650,000 merchants globally and operates in the UAE and Egypt.
Geidea Group CEO, Mr. Omar Yassine, said, “Geidea’s mission has always been to empower merchants with integrated payment solutions. With this partnership, we are bringing financing directly into the same platform our SME customers already use to manage and grow their businesses. This marks a natural evolution in our journey to drive SME growth and economic transformation across the Kingdom.”
The initial rollout of the solution is anticipated soon, offering SMEs direct access to SNB-powered financing, facilitated by Tarabut’s technology, without requiring them to leave their existing PoS environment. The collaboration aims to mitigate the credit gap in the Kingdom and foster entrepreneurship by removing access barriers and reducing waiting times for financing.
