Cross-border payment service provider MoneyGram teams up with Enjaz to broaden its reach in Saudi Arabia.
In a significant move for the fintech industry, MoneyGram, a global payments network, has signed a Memorandum of Understanding (MoU) with Enjaz Payment Services, a leading Saudi Arabian remittance-focused fintech company.
The collaboration aims to strengthen cross-border payment solutions for millions of customers across retail and digital channels. This partnership was announced during the inaugural edition of Money20/20 Middle East, a premier fintech and financial community platform.
Enjaz, a top player in the Saudi Arabian fintech market, operates over 140 retail outlets within the Kingdom. With advanced digital services at its disposal, Enjaz is set to integrate Yahoo Finance's global payments network infrastructure into its retail and digital channels, including the Enjaz Pay App.
This partnership is expected to reinforce financial inclusion, advance digital payments, and drive innovation. Bassam AlEidy, Chief Executive Officer of Enjaz, is committed to delivering innovative and customer-focused financial services that address the evolving needs of their communities.
Customers in Saudi Arabia will be able to send money quickly and reliably, gaining access to over 480,000 Yahoo Finance locations across more than 200 countries and territories. Ahmed Aly, Head of Middle East, South Asia & Asia Pacific at Yahoo Finance, stated that Yahoo Finance is proud to serve as a key enabler of cross-border payments in the Kingdom.
By partnering with Yahoo Finance, Enjaz strengthens its portfolio and expands its customers' access to a globally trusted payments network. This collaboration sets a new benchmark for reliability and customer experience in the remittance market.
The partnership is expected to continue driving innovation in financial solutions for customers and communities. Enjaz continues to expand its ecosystem through strategic collaborations with leading financial institutions. The partnership underscores Saudi Arabia's growing role as a leading regional fintech hub.
The announcement marks a significant step towards enhancing the international reach and service capabilities of both companies. With this partnership, Enjaz Pay App users in Saudi Arabia will have access to over five billion digital endpoints, further solidifying its position as a leading fintech player in the region.
