Riyadh - Sharikat Mubasher: Saudi Arabia’s largest financial institution, the Saudi National Bank (SNB), plans to launch an innovative point-of-sales (PoS) lending solution for small and medium-sized enterprises (SMEs) in partnership with Tarabut and Geidea.
The solution is expected to be launched soon after obtaining all necessary approvals from the Saudi Central Bank (SAMA), according to a recent statement.
It will give SMEs direct access to SNB-powered financing enabled by Tarabut’s technology without leaving their PoS environment, ultimately reducing waiting times and removing barriers.
The partnership between SNB, Tarabut, and Geidea aims to create faster, simpler, and more inclusive access to working capital for SMEs, in alignment with Vision 2030 and the Financial Sector Development Program (FSDP).
Saud Bajbair, Retail Business Group Head at SNB, affirmed the bank’s commitment 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 realizing Vision 2030.”
Meanwhile, 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.”
For his part, Omar Yassine, Group CEO at Geidea, stated that the company’s mission is 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,” he added.
This collaboration underscores the shared commitment of all parties to bridging Saudi Arabia’s credit gap and strengthening entrepreneurship across the Kingdom.