Saudi National Bank prepares to introduce a new lending system for small and medium businesses through payment terminals. The Kingdom's largest bank partners with financial technology company Tarabut and payment provider Geidea for this venture. This program requires approval from the Saudi Central Bank before implementation begins. The service aims to help businesses access money faster through systems they already use for payments. This approach supports the government's Vision 2030 economic development goals.
Tarabut brings open banking technology that connects different financial services together. The company enables banks to offer quick loans through digital platforms that businesses know well. Geidea operates nearly one million payment terminals across the region for merchants. The partnership places lending options directly within existing business payment systems. Small companies can receive bank financing without switching to different applications or websites.
The partners expect this system will reduce business loan waiting times significantly.
Tarabut brings open banking technology that connects different financial services together. The company enables banks to offer quick loans through digital platforms that businesses know well. Geidea operates nearly one million payment terminals across the region for merchants. The partnership places lending options directly within existing business payment systems. Small companies can receive bank financing without switching to different applications or websites.
The partners expect this system will reduce business loan waiting times significantly.
