Hakbah to issue Visa prepaid cards to savings groups
Partnership will enable Hakbah to issue Visa prepaid cards to customers in Saudi Arabia and GCC
Hakbah, an alternative financial saving platform based in Saudi Arabia’s Riyadh, has signed a multi-year strategic partnership agreement with Visa to issue Visa prepaid cards to its customers in Saudi Arabia and GCC.
Hakbah is offering a comprehensive one-stop-shop solution for savings groups to initiate, manage, join, and pay directly within the mobile app. The solution offers customers a convenient and simple method for Savings Groups' habit.
“We are proud to partner with Visa, and we envision this will enable Hakbah and Visa to work closely in accelerating secure and convenient payment and alternative financial saving solutions. The partnership could not have come at a better time considering the growth opportunities in Saudi Arabia – estimated at $6bn annually - for digitalising payments, increasing capitalisation of savings and for better savings solutions for the underbanked. This partnership is also in line with Vision 2030 and will reflect positively on achieving the UN Sustainable Development Goals and Saudi Financial Sector Program,” said Naif AbuSaida, founder of Hakbah.