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Hakbah signs strategic partnership with Visa to issue prepaid cards

Hakbah signs strategic partnership with Visa to issue prepaid cards

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Hakbah signs strategic partnership with Visa to issue prepaid cards

A strategic partnership agreement between Hakbah, an alternative financial saving platform based in Riyadh, Saudi Arabia, and Visa will enable Hakbah to issue Visa prepaid cards to customers in Saudi Arabia and GCC.

Hakbah announced that it has signed a multi-year strategic partnership agreement with Visa, a world leader in digital payments, to issue Visa prepaid cards to its customers in Saudi Arabia and GCC.  

Hakbah is modernising 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.

Naif AbuSaida, Founder of Hakbah, said: “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 US$6 billion annually – for digitalising payments, increasing capitalisation of savings and for better savings solutions for the underbanked. This partnership is also in line with Vision 2030 and will reflect positively on achieving the UN Sustainable Development Goals and Saudi Financial Sector Programme. 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.”

Ali Bailoun, Visa’s General Manager for Saudi Arabia, said: “Visa is pleased to partner with Hakbah to launch a digital payment solution that will help make it more convenient and secure for its 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.”

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