Ebdaa Bahrain Microfinance Company has entered into a collaborative agreement with MFSYS Technologies Limited, a leading global provider known for its advanced banking automation and digital software solutions designed specifically for the microfinance and banking industries. The objective is to fully digitize all banking services offered by the company to individuals and SME’s owners, marking a significant move in fortifying its digital transformation strategy and delivering cutting-edge, innovative, and seamless banking services, and aiming to enhance the overall digital experience for the company’s customers.
The agreement was signed by Dr. Khalid Al Ghazzawi, CEO of Ebdaa Bahrain Microfinance, and Mr. Ali Ahmed, CEO of MFSYS Technologies Limited.
As per the agreement between the two entities, Ebdaa is set to bolster its expansion initiatives through the digitization of its microfinance services. The company aims to offer a secure and efficient multi-channel digital platform, facilitating easy access to its online services for customers at any time and from anywhere. MFSYS Technologies will contribute by furnishing an integrated digital transformation system that encompasses account management, loan applications, electronic payment options for loan repayments and services, loan applications’ tracking, reports, certificates and account statements, and various other contemporary and cutting-edge digital services.
Dr. Al Ghazzawi commented:
“This collaboration represents a pivotal step in our ongoing commitment to enhancing the overall customer experience. By expediting the development of our banking products and services, we aim to bolster their competitiveness, foster financial inclusion, and extend our reach to a broader customer base. Through the innovation of microfinance, we seek to empower individuals in establishing their projects, thereby increasing their impact on job creation and providing support to the Kingdom of Bahrain’s GDP.”
Dr. Al Ghazzawi emphasized that the decision to choose “MFSYS Technologies Limited” for spearheading the digital transformation of “Ebdaa Bahrain” was based on the company’s extensive expertise and successful track record in this domain. With a history of serving over 30 banks and microfinance institutions across 12 countries globally, he expressed confidence in having selected a reliable partner capable of delivering optimal outcomes for both the company and its customers. He further highlighted that this collaboration aims to set a benchmark for digital transformation in microfinance institutions throughout the region.
Mr. Ali Ahmed stated: “We are pleased to declare our strategic alliance with Ebdaa Bahrain, a prominent microfinance company. Leveraging our expertise and capabilities amassed over a decade, we are committed to bolstering Ebdaa’s digital empowerment and elevating the efficiency of its banking services. This aligns seamlessly with our vision to empower microfinance institutions in the Middle East, solidifying our position as a leading provider of digital transformation solutions.”
About Ebdaa Bahrain:
Established on February 11, 2009, Ebdaa Bahrain for Microfinance holds the distinction of being the first bank dedicated to microfinance in the Kingdom of Bahrain. This milestone was achieved under the auspices and benevolent support of Her Royal Highness Princess Sabeeka bint Ibrahim Al Khalifa, the wife of the King of Bahrain and President of the Supreme Council for Women (may God protect her), and the late Prince Talal bin Abdulaziz Al Saud, President of the Arab Gulf Program for Development “AGFUND.” The institution was founded with a shared belief in the pivotal role of such banks in supporting income, fostering creativity, and realizing ambitions by providing small loans on accessible and favorable terms. Notably, in mid-2021, the legal status of Ebdaa Bahrain transitioned from a bank to a company.
About MFSYS Technologies
MFSYS Technologies Limited is a multinational company and is a prominent global provider renowned for its cutting-edge banking automation and digital software solutions tailored specifically for the microfinance and banking sectors. With an impressive track record spanning over a decade, MFSYS has been a driving force in facilitating the global empowerment of microfinance institutions. The company’s steadfast commitment to delivering cost-effective, robust, and innovative digital solutions has fostered fruitful collaborations across diverse regions, including South Asia, Central Asia, Africa, and the Middle East.
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