Mastercard has signed a Memorandum of Understanding (MoU) with AlRaedah Finance, to launch a unique ‘SME in a Box’ payment solution for small and medium-sized businesses (SMEs) in the Kingdom of Saudi Arabia.
A first-of-its-kind initiative, the partnership will offer SMEs direct access to fast funds provided by AlRaedah Finance, as well as the option to leverage low-cost acceptance solutions and the ability to take card payments. It will also extend access to affordable credit, overcoming one of the biggest barriers to growth for SMEs.
SMEs currently represent 99% of enterprises in Saudi Arabia and are vital to the economy. The ‘SME in a Box’ solution will provide a one-stop-shop offering improved efficiency, instant activation of payment acceptance, easy lending solutions, and access to funds at any time.
As part of its response to the COVID-19 pandemic, Mastercard has pledged $250 million in financial, technology, product, and insights support over the next five years to small businesses across the globe, supporting the financial security and vitality of businesses and their workers.
The partnership is in line with Mastercard’s global commitment to bring 1 billion people into the digital economy by 2025, including 50 million small businesses and 25 million women entrepreneurs