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Nium expands Middle East presence with Enjaz Banking Services partnership

By Delisha Fernandes

February 23, 2024

  • Cross-Border Transactions
  • Enjaz Banking Services
  • Financial Institutions
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Nium, Payments, PaycellNium partners 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.

“We have a massive opportunity in the Middle East,” said Anupam Pahuja, EVP and General Manager for Asia PacificMiddle 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. 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.”

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.

Assad Alawneh, Chairman and Founder at Alawneh Exchange, said, “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.”

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