Payments leader seizes opportunity to drive adoption of real-time payments in the region
DUBAI, UAE, Feb. 21, 2024 /PRNewswire/ -- Nium, the leader in real-time global payments, continues its expansion in the Middle East region, announcing a partnership with Enjaz Banking Services, the remittance division of Bank Albilad in Saudi Arabia. Nium will work with the bank to offer free international money transfer services through the Enjaz app for smart devices. Soon, all Enjaz customers will be able to access competitive exchange rates and instant transfers via Nium's global partner network.
This new customer win builds on Nium's success in the region, which includes a roster of the most prestigious financial institutions, such as Mashreq Bank, one of the Middle East's largest banks, and three of the most significant foreign exchange houses in the United Arab Emirates (UAE) - Al Fardan Exchange, Alawneh Exchange, and Al Rostamani Exchange. This momentum is being supported by the appointment of three regional Vice Presidents, Nawal Kebouri Ammor, Ashraf Omran, and Saikat Roy, who collectively bring more than 50-years of in-depth payments and banking knowledge to Nium prospects and clients in the region. Their expertise will play a crucial role in further scaling Nium's operations in anticipation of hypergrowth.
"We have a massive opportunity in the Middle East," said Anupam Pahuja, EVP and General Manager for Asia Pacific, Middle East and Africa at Nium. "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 capitalize."
Pahuja continues, "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."
Assad Alawneh, Chairman and Founder at Alawneh Exchange commented on the partnership; "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."
Leading bank Mashreq envisioned a digital customer journey that is intuitive to interact with and seamless to process. For them, partnering with industry experts was key to this endeavour. Mashreq's partnership with Nium contributes to their vision of a seamless customer experience.
"I am proud to acknowledge the significant impact of our partnership with Nium," said Vilas Achuthankutty, General Manager at Al Rostamani International Exchange LLC. "Their state-of-the-art real-time and faster credit capabilities have substantially enhanced our customer experience. Nium's technology, network, and services are not only competitive but also align with market leaders. This collaboration between ARIE and Nium continues to appreciate in value, ensuring reliable transfers and fostering enduring relationships that transcend international borders."
Nium provides a superior alternative to traditional systems like SWIFT, offering businesses in the Middle East a faster and cost-effective means of handling cross-border transactions. Nium's real-time payments capability provides a seamless and instantaneous experience, enhancing the speed and convenience of financial transactions for businesses and consumers alike. Nium facilitates effortless cross-border payments, effectively connecting the Middle East with the rest of the world through its network spanning more than 190 countries. Nium's user-friendly platform empowers businesses to tailor their payment solutions, ensuring they meet their specific needs and preferences with ease.
Nium's expansion in the Middle East is a testament to its commitment to improving the financial infrastructure and facilitating international commerce. The company looks forward to playing a pivotal role in the growth and development of the Middle East's financial ecosystem.
You can read more about Nium's global capabilities here.
About Nium
Nium, the leader in real-time global payments, was founded on the mission to deliver the global payments infrastructure of tomorrow, today. With the onset of the on-demand economy, its payments infrastructure is shaping how banks, fintechs, and businesses everywhere collect, convert, and disburse funds instantly across borders. Its payout network supports 100 currencies and spans 190+ countries, 100 of which in real-time. Funds can be disbursed to accounts, wallets, and cards and collected locally in 35 markets. Nium's growing card issuance business is already available in 34 countries. Nium holds regulatory licenses and authorizations in more than 40 countries, enabling seamless onboarding, rapid integration, and compliance - independent of geography. The company is co-headquartered in San Francisco and Singapore.
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