Enjaz Payment Services, one of Saudi Arabia’s largest remittance-focused fintech companies, has signed a Memorandum of Understanding (MoU) with the global payments network, MoneyGram. The agreement, unveiled at the inaugural Money20/20 Middle East conference in Riyadh, aims to enhance financial services and digital innovation in the Kingdom’s cross-border payments sector.
Expanding Global Reach for Saudi Customers
Through this collaboration, Enjaz will integrate MoneyGram’s global payment infrastructure into its extensive network of over 140 retail locations and its digital channels, including the Enjaz Pay App. This will provide millions of consumers in Saudi Arabia with access to MoneyGram’s network, which includes over five billion digital endpoints and 480,000 retail locations across more than 200 countries and territories, enabling faster and more reliable international money transfers.
Strengthening a Key Remittance Market
The partnership combines Enjaz’s strong local presence and trusted brand with MoneyGram’s global reach, setting a new benchmark for customer experience in one of the world’s largest remittance markets. The collaboration aligns with the objectives of Saudi Arabia’s Vision 2030 by promoting financial inclusion and advancing digital payments. “Partnering with MoneyGram strengthens our portfolio and expands our customers’ access to a globally trusted payments network, further enhancing our international reach and service capabilities,” said Bassam AlEidy, Chief Executive Officer at Enjaz. Ahmed Aly, Head of Middle East, South Asia & Asia Pacific at MoneyGram, added, “Together, we are reinforcing financial inclusion, advancing digital payments and driving innovation. MoneyGram is proud to serve as a key enabler of cross-border payments in the Kingdom.”
About Enjaz Payment Services
Enjaz Payments is a leading Saudi fintech company with a strong focus and proven expertise in the remittance sector. Recognized as one of the largest remittance-focused players in the Middle East, Enjaz operates over 140 retail outlets across the Kingdom of Saudi Arabia. It combines its extensive physical network with advanced digital solutions to provide diversified channels that meet all customer needs.
About MoneyGram
MoneyGram is a global financial technology company that connects the world by making the movement of money across borders seamless, affordable, and secure. Serving more than 50 million people annually in over 200 countries and territories, MoneyGram is globally recognized for its high-performance culture and innovative solutions in cross-border payments.
Source: Zawya
