Riyad Bank and Mastercard Launch Game-Changing Credit Program for Saudi MSMEs

Riyad Bank  and Mastercard  have collaborated to provide small and medium-sized businesses in Saudi Arabia with enhanced access to funding. The two entities have introduced a unique credit card program offering micro, small, and medium-sized enterprises (MSMEs) access to financial solutions to grow and thrive.

As part of the agreement, Riyad Bank will enable MSMEs across the Kingdom with a three-tier credit program providing greater choice and flexibility in the form of unique cards: the Mastercard NMOO Business Credit Card, Mastercard NMOO Executive Credit Card, and Mastercard NMOO World Credit Card.

Each of these unique products will offer flexible limits, supporting enterprises and entrepreneurs to take greater control of their futures. They will deliver real-time solutions that support MSMEs to help buy, operate and sell, bridging financing gaps, and providing access to funding by enabling enterprises to get approved for credit facilities, for example, for business expansion.

The launch of the three-tier credit program marks the latest step by Mastercard and Riyad Bank to serve MSMEs of all sizes and business types across multiple segments and sectors. The program caters to the specific needs and evolving demands of MSMEs in a rapidly changing global economy.

As one of the largest financial institutions in the Kingdom, we are fully committed to serving as a trusted financial solutions partner to the people, businesses, and entities we support. Over the years, we have helped to drive the growth and development of Saudi Arabia’s micro, small, and medium-sized enterprises ecosystem, and today, we are more determined than ever to empower businesses to realize their potential. We are pleased to have partnered with Mastercard to launch our truly novel three-tier credit program, powering the future of MSMEs with timely access to crucial funding.

– Mohammed Abo Al-Naja Chief Corporate Banking Officer, Riyad Bank

At a time when Saudi entrepreneurship is truly beginning to flourish, we recognize that effective partnerships and innovation are essential to empowering micro, small, and medium-sized enterprises (MSMEs) to advance and thrive. Our partnership with Riyad Bank was launched with this goal in mind. Together, we aim to provide MSMEs with essential access to critical lending and funding. We look forward to expanding our first-of-its-kind program to more businesses across the country and supporting them in achieving their goals.

– Adam Jones, EVP and Division President, West Arabia, Mastercard

In line with Vision 2030 and the National Transformation program, Riyad Bank’s partnership with Mastercard’s will help to strengthen Saudi Arabia’s MSME infrastructure, curating an extensive range of modern financial solutions that will prime enterprises across the Kingdom for even more lasting success.

By introducing novel, responsive offerings that cater to businesses’ needs, Riyad Bank and Mastercard will further enable MSMEs to unlock their potential and increase their contribution to GDP. With SME needs in the Kingdom constantly evolving — beyond banking and payments — the partnership will help to create a comprehensive ecosystem of business tools to address the full scope of these businesses’ demands.

The Mastercard NMOO Executive Credit Card will empower MSMEs to enhance their businesses by streamlining cashflow management, improving inventory procurement and facilitating supplier payments. Crucially, it will also help to support the travel and entertainment needs of MSMEs’ clients and consumers.  The Mastercard NMOO Business Credit Card has been introduced to empower entrepreneurs to enhance their businesses through access to the Easy Savings Specials Marketplace and innovative Management Subscription Platform, while the Mastercard NMOO World Credit Card supports investors, business leaders and startup founders with direct guidance and competitive rates.

According to the Small and Medium Enterprises General Authority, Monsha’at , Saudi Arabia is now home to over 1.3 million small and medium-sized enterprises, with strong public investment and high venture capital investments raising the total number of enterprises in the Kingdom..

With MSMEs evolving at a rapid pace, in line with the acceleration of digital transformation and consumers’ changing preferences, the introduction of Mastercard and Riyad Bank’s three-tier credit program comes at an opportune time when gaining access to funds and establishing financial systems that help to build credit are top-of-mind.