Spare and Eazy Financial Services to launch open banking in Bahrain

By Leandra Monteiro

Spare, an open banking platform licensed by the Central Bank of Bahrain, has announced its partnership with Eazy Financial Services ‘EazyPay’, a Bahraini Payment Services Provider specialising in POS and online payment gateway acquiring solutions to embrace opportunities in Open Banking.

The partnership was officially signed by Abdulaziz AlOthman, General Manager of Spare in Bahrain, and Nayef Tawfiq Al Alawi, Founder & CEO of Eazy Financial Services, with the goal of contributing to the shared objective of accelerating the adoption of open banking services in the Kingdom, in line with Bahrain’s 2030 economic vision, which seeks to further strengthen the financial sector.

Through this partnership, EazyPay will enable its merchants to accept open banking payments powered by Spare, which will add to the current options available to merchants. Businesses of all sizes will be able to capitalise on a more secure and convenient form of collection through the enhanced level of service powered by open banking. Customers will benefit from seamless payment solutions whereby they can pay directly from their bank account. This collaboration will also allow EazyPay to utilise Spare’s open banking connections to provide new products and services to its customers.

Abdulaziz Alothman, General Manager at Spare, commented, “We are thrilled to have EazyPay on board with us for open banking services. Adopting Spare’s innovative transaction solution will undoubtedly bring great benefits to consumers with a seamless and hassle-free experience while allowing them to enjoy new, personalized financial services.”

Eazy Financial Services, Founder & CEO, Nayef Tawfiq Al Alawi, commented, “We are excited to partner with Spare, in line with our ongoing commitment to deliver beyond conventional payment practices and innovative solutions with the ease and speed that customers want. We believe that establishing these partnerships, especially with key ecosystem players, will allow various players to acquire the necessary capabilities and deliver innovative and unique propositions to a wide range of customers in the Kingdom and the region. We look forward to fostering a productive relationship with Spare for many years to come.”