Tamam signs MoU with Visa to enhance microfinance capabilities

By Leandra Monteiro

Tamam Finance, a Saudi FinTech, has signed a memorandum of understanding with Visa, a leader in digital payments, to explore areas of collaboration in the field of micro-financing and credit. Tamam and Visa strongly believe this cooperation will support initiatives to deliver innovative enhancements to Tamam’s microfinance services in the Kingdom.

Yousef Almusaileem, CEO of Tamam Finance, said, “As part of our expansion strategy, we are keen on building and strengthening partnerships that will enhance our FinTech solutions. Our partnership with Visa will contribute to the development of innovative, efficient and reliable micro-financing solutions that draw on our evolved technical capabilities and expand the services of Tamam, the first Saudi company issued a license for consumer micro-financing in the Kingdom by the Saudi Central Bank (SAMA). Making Tamam services accessible to even more consumers across the Kingdom will also serve our goal of supporting financial inclusion in line with the objectives of Saudi Vision 2030.”

Ali Bailoun, Visa, Regional GM for Saudi Arabia, Bahrain and Oman, said, “Fintechs are key to digitally transforming the microfinance sector to serve a larger population with better solutions and more efficiently.  Through this partnership, Tamam will be able to leverage Visa’s technology and network to deliver solutions to help their customers meet their financing requirements in a secure and rewarding way. We are delighted to support Tamam as part of our ongoing efforts to bringing innovative fintech solutions in microfinance and driving financial inclusion in Saudi Arabia.”