Saudi Arabia’s Geidea & Nayifat unite to offer seamless payment solutions

By Shilpa Annie Joseph, Official Reporter
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Saudi Arabia
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Saudi Arabia-based leading fintech company Geidea has entered into a strategic partnership with the non-banking financial institution Nayifat in order to provide seamless payment solutions to the customers.

As part of the collaboration, Geidea will provide Nayifat’s customers with a full suite of point of sale (POS) solutions.

This will empower merchants with the ability to accept payments via numerous methods including contactless cards and wearable devices through Geidea’s POS terminals and Tap-on-Phone solutions.

Furthermore, merchants will benefit from a simplified repayments solution through Geidea’s POS terminals.

The company said that “merchants will be able to allocate payments towards utilities such as their rent or maintenance of their offices, through Point-of-Sale (PoS) terminals by automatically setting aside a percentage or amount of monthly revenue towards their payment obligations. The solution thus automates the entire process – making it seamless and secure.”

Abdulmohsen Alsowailem
Abdulmohsen Alsowailem
MD & CEO – Nayifat

“We are delighted to team up with Geidea, a market leader in payment solutions. This partnership will enable us to offer our SME customers a best-in-class experience whenever they make payments. The Point of Sale (POS) financing product is definitely set to satisfy business needs allowing companies to streamline cash flows and finances, which is the key driver for Nayifat as we go an extra mile to raise the bar for structured finance product offering, to continuously support SMEs in line with the 2030 vision.”

Mr. Abdullah Alshowaier, Chief Business Officer at Geidea stated that, “As one of the most respected names in the financing sector, Nayifat has a longstanding reputation for providing innovative and financing solutions to customers across the Kingdom.”

“This partnership will enable us to bring our payment and e-commerce solutions to several people that use their services, and help their borrowers and SME customers take advantage of some of the latest technologies aimed at providing a seamless and convenient payment experience,” Mr. Alshowaier added.

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