Riyadh — Hakbah, an alternative financial saving platform based in Riyadh, Saudi Arabia, today announced that it has signed a multi-year strategic partnership agreement with Visa, the world’s leader in digital payments, to issue Visa prepaid cards to its customers in Saudi Arabia and GCC.
Hakbah is modernizing financial saving via its intelligent platform by offering a comprehensive one-stop-shop solution for Savings Groups to initiate, manage, join, and pay directly within the mobile app. The solution offers customers a convenient and simple method for Savings Groups' habit.
“We are proud to partner with Visa, and we envision this will enable Hakbah and Visa to work closely in accelerating secure and convenient payment and alternative financial saving solutions. The partnership could not have come at a better time considering the growth opportunities in Saudi Arabia – estimated at USD6 billion annually - for digitalizing payments, increasing capitalization of savings and for better savings solutions for the underbanked[1]. This partnership is also in line with Vision 2030 and will reflect positively on achieving the UN Sustainable Development Goals and Saudi Financial Sector Program. We are passionate by the magnitude of how this will empower our users and encourage more financial saving in Saudi Arabia and the MENA region,” said Naif AbuSaida, Founder of Hakbah.
Ali Bailoun, Visa’s General Manager for Saudi Arabia, said, “Visa is pleased to partner with Hakbah to soon launch a digital payment solution that will help make it more convenient and secure for their Saudi and GCC customers to disburse their savings. We very much look forward to launching a Visa prepaid product with Hakbah and are delighted at this latest opportunity to promote digital commerce and support the Financial Sector Development Program’s efforts in achieving Saudi Vision 2030 goals for financial inclusion in the Kingdom of Saudi Arabia.”
[1] Hakbah Market survey (2018/2019) and market estimation based on data from General Authority of Statistics
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