Payments infrastructure firm Nium has partnered with Enjaz Banking Services, the remittance division of Bank Albilad in Saudi Arabia, expanding its services in the Middle East.
In a statement, Nium said it will work with the bank to offer free international money transfer services through the Enjaz app for smart devices while Enjaz customers will soon be able to access competitive exchange rates and instant transfers via Nium’s global partner network.
A key part of Nium’s business model is based around providing a more seamless alternative to traditional systems like SWIFT and improving the way businesses in the Middle East handle cross-border transactions.
The deal with Enjaz builds on several other existing partnerships between Nium and financial institutions in the region such as Mashreq Bank and three of the most significant foreign exchange houses in the UAE -Al Fardan Exchange, Alawneh Exchange, and Al Rostamani Exchange.
According to Assad Alawneh, Chairman and Founder at Alawneh Exchange, “The difference between Nium and the banks is that Nium is more like our business – focused on the customer. When we were choosing who to work with, we initially explored a range of fintech businesses, but Nium won based on their size, stability, and flexibility.”
On the back of these deals, the firm said it plans to continue to scale its operations by leveraging the expertise of three recently-appointed regional Vice Presidents Nawal KebouriAmmor, Ashraf Omran, and Saikat Roy.
Anupam Pahuja, EVP and General Manager for Asia Pacific, Middle East and Africa at Nium said: “We have a massive opportunity in the Middle East. Trillions of dollars flow through the region, and we expect even more volume as real-time payments adoption accelerates. Innovation continues across the region, opening the door for businesses like Nium to capitalise.
She added: “We are dedicated to helping customers in this global financial centre reach more of the world with a modern, secure, and efficient way to send and receive money. We look forward to partnering with more banks and businesses for growth.”
