SNB, Tarabut & Geidea Launch New SME Lending Platform
▼ Summary
– Saudi National Bank (SNB) is launching a first-of-its-kind Point-of-Sale lending solution for SMEs, powered by Tarabut and delivered through Geidea.
– This initiative supports Saudi Arabia’s Vision 2030 by creating faster, simpler, and more inclusive access to working capital for SMEs.
– The solution integrates lending directly into the payment platforms SMEs already use, aiming to reduce waiting times and bridge the credit gap.
– Tarabut provides the open banking technology that enables SNB to deliver instant, tailored credit experiences within SME platforms.
– Geidea’s extensive merchant network will bring this financing directly to SMEs over their existing Point-of-Sale and eCommerce channels.
A groundbreaking new lending platform designed specifically for small and medium enterprises is set to transform the financial landscape in Saudi Arabia. Saudi National Bank (SNB), the Kingdom’s largest financial institution, has partnered with Tarabut, the leading regulated fintech platform in the MENA region, and Geidea, a top payment solutions provider, to introduce a first-of-its-kind Point-of-Sale financing solution. This collaborative effort, pending final approval from the Saudi Central Bank (SAMA), aims to embed lending directly into the daily operational tools that SMEs already use.
This strategic alliance is a direct contribution to the objectives outlined in Saudi Vision 2030 and the Financial Sector Development Program. By creating a faster, simpler, and more inclusive pathway to working capital, the initiative seeks to empower SMEs, which form the backbone of the nation’s economy. The platform will leverage Geidea’s extensive merchant network, which includes nearly one million POS terminals, to deliver financing directly through both physical and e-commerce payment channels.
Mr. Saud Abdulaziz Bajbair, Retail Business Group Head at SNB, emphasized the bank’s commitment to innovation. “As the national bank, we are dedicated to empowering SMEs with solutions that integrate seamlessly into their daily operations,” he stated. “This move makes accessing finance not only quicker but also more intuitive, marking a significant milestone for the financial sector and a major step toward realizing our national vision.”
Tarabut’s role is to provide the intelligent technological backbone that enables this open banking functionality. This allows SNB to move beyond conventional lending models and offer instant, customized credit experiences within familiar SME platforms. Abdulla Almoayed, Founder and CEO of Tarabut, commented, “We are proud to partner with SNB on this landmark project. By positioning financing at the very point of need, we are digitalizing SME lending and driving innovation on a national scale, directly supporting Vision 2030’s goals for financial inclusion and economic growth.”
From Geidea’s perspective, this partnership represents a natural progression of its mission to support merchants. Omar Yassine, Group CEO of Geidea, noted, “Our goal has always been to empower businesses with integrated solutions. By embedding financing into the same platform our SME customers use to manage their operations, we are taking a significant step in fueling their growth and contributing to the Kingdom’s economic transformation.”
The initial rollout is scheduled to begin soon, granting SMEs direct access to SNB-powered financing without requiring them to exit their point-of-sale environment. The partners anticipate that by eliminating traditional barriers and drastically reducing waiting times, they will effectively bridge the existing credit gap and foster a stronger environment for entrepreneurship across Saudi Arabia.
(Source: MEA Tech Watch)
