Mobily and Ericsson to Launch Financial Services Collectively in Saudi Arabia

In a recent announcement, Mobily and Ericsson have disclosed that they have come into a cooperation agreement to launch financial services in Saudi Arabia.

In the presence of Chief Executive Officer of Mobily: Eng. Salman Al-Badran, Chief Executive Officer of Ericsson: Börje Ekholm and President of Ericsson Middle East and Africa: Fadi Pharaon, a cooperation agreement to launch financial services has been signed by the Chairman of the Board of Directors of Etihad Fintech Company: Mr. Ismail Al-Ghamdi and Vice President of Ericsson Middle East and Africa: Mr. Ekow Nelson where Mobily has selected Ericsson (NASDAQ: ERIC) to launch the Financial Services and provide solutions for Saudi customers. Mobily’s new initiative supports the Financial Sector Development Program, which is part of the Vision 2030, which aims to increase the share of Saudi Arabia’s cashless payments to 70 percent by 2030.

“Mobily strives to enhance customer experience with a first-of-its-kind, next-generation financial services platform that enables secure and convenient journey for consumers. With the right technology partner like Ericsson, our ambitions to roll out new services that provide added benefits and features to propel financial inclusion and achieve the goals of the Saudi Vision 2030.”

Ayman A. Aleissa, Chief Executive Officer, Etihad Fintech Company

“Mobile financial services are a key driver in enabling digital transformation in today’s world. Together with Mobily, we aim to make financial services as intelligent and intuitive as possible so Saudi consumers can access and perform secure, financial transactions anytime, anywhere. Our mobile financial solutions will help Mobily extend its trusted brand into financial services and lay the foundation for growing revenues in adjacent markets.”

Ekow Nelson, Vice President, Ericsson Middle East and Africa

Ericsson’s mobile financial services are secure, functional, and easy to use, driving customer and partner growth throughout the mobile-commerce eco-system. Deployed globally, Ericsson’s pioneering offerings empower service providers to reduce related costs, attract new customers, drive customer loyalty while accessing new revenue streams, a win-win strategy which drives financial inclusion.

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