Bahrain’s SMEs now have a unique opportunity to access tailored financing solutions, thanks to a groundbreaking partnership between EAZY Financial Services “EazyPay”, a prominent Bahraini financial institution specialising in Point-of-Sale (POS) and online payment gateway acquiring services, and Tarabut, the MENA region’s leading, regulated open banking platform. This collaboration leverages cutting-edge technology to develop and deliver innovative financing options for SMEs in Bahrain using EazyPay POS terminals.
SMEs are a cornerstone of Bahrain’s economy, contributing over 30% of the Kingdom’s GDP and employing 36% of the private sector workforce. Despite their critical role, many SMEs face significant barriers to accessing financing due to traditional banking limitations, including lengthy processes and strict eligibility criteria. This partnership seeks to bridge these challenges by leveraging embedded finance technologies and innovative solutions that integrate POS systems with financial institutions to enable seamless loan eligibility checks and accelerating decision-making processes. These solutions have to potential to improve access to financing for SMEs, empowering them to grow and drive economic progress.
This collaboration builds on key developments and initiatives in Saudi Arabia, where Tarabut is working with Geidea to deliver similar SME financing solutions. By bringing these learnings and insights to Bahrain, Tarabut and EazyPay aim to bridge POS level data with Tarabut’s analytics and credit decisioning engines to address the Kingdom’s SME financing gap and empower local businesses to thrive.
Driving Bahrain’s Economic Growth
As Bahrain advances its Vision 2030 agenda, fostering SME growth and driving financial innovation remain key pillars of the national economic strategy. By partnering, Tarabut and EazyPay aim to align with these national objectives, leveraging Tarabut’s advanced solutions to contribute to the Kingdom’s economic diversification and long-term sustainability efforts.
“At Tarabut, we believe in the transformative power of technology to redefine opportunities for SMEs, and we are constantly exploring ways to drive financial innovation and inclusion across the GCC,” said Abdulla Almoayed, Founder and CEO of Tarabut. “Our collaboration with EazyPay in Bahrain is about more than just bridging gaps – it’s about creating new possibilities for small businesses to thrive in a competitive economy. By leveraging Tarabut’s platform capabilities, we’re not only driving innovation but also fostering resilience and ambition in the SME community, empowering them to become the true engines of our Kingdom’s economic progress.”
Nayef Tawfeeq Al Alawi, Founder and CEO of EazyPay, echoed this sentiment, stating, “SMEs are the cornerstone of Bahrain’s economy, and we are proud to collaborate with Tarabut to explore innovative financing solutions that address their unique challenges. By evaluating ecosystem partnerships and leveraging our POS infrastructure, we are taking meaningful steps toward enabling SMEs to access financing more easily and efficiently.”
Building the Ecosystem for SME Growth
The partnership between Tarabut and EazyPay represents a shared commitment to fostering financial inclusion and supporting Bahrain’s SME sector. Through ongoing exploration and engagement with ecosystem partners, the two companies aim to create seamless, technology-driven solutions that enable SMEs to access the financing they need to grow and succeed.
- 30% GDP Contribution: Bahrain Economic Development Board, SME Contribution Report, 2023
- 36% Workforce Employment: Bahrain Chamber of Commerce and Industry, SME Workforce Study, 2023
