Al Rajhi Bank, Zid sign strategic partnership deal

Snapshot of the agreement signing

Al Rajhi Bank has announced that its "Mokafaa" loyalty program has entered into a strategic partnership with Zid Holding Co., enabling Zid's e-commerce stores to leverage the services of Al Rajhi Bank’s "Mokafaa" loyalty program.
 

The agreement also allows Al Rajhi Bank customers to utilize the "Tasahil" program to pay for purchases in installments through Zid's "Mazeed Platform," with repayment periods ranging from 3 to 6 months. Additionally, customers of the "Mokafaa" loyalty program will have access to services from over 12,000 Zid merchants, including the ability to create independent online stores and engage in e-commerce.
 

Commenting on the partnership, Abdullah Al-Jabr, CEO of Marketing and Customer Experience at Al Rajhi Bank, said, "We are delighted to sign this strategic partnership with Zid, a leader in the e-commerce sector. This collaboration will enhance our customers' experience in e-commerce and facilitate their decision-making in digital commerce."
 

"Our partnership with Al Rajhi Bank brings together the strengths of two trusted brands in the Saudi market. By integrating Al Rajhi Bank’s Mokafaa loyalty program with the Zid platform, we aim to elevate the digital shopping experience and support merchants on our platform," said Sultan Al-Asimi, CEO of Zid Holding.
 

Al-Asimi added, "Beyond technological integration, this partnership aligns with one of our key goals: to support and empower the digital economy in the Kingdom of Saudi Arabia."
 

The "Mokafaa" program, serving over 15 million customers, is the largest loyalty program in the Saudi banking sector by the total value of rewards provided. The program currently includes over 250 partner brands across the Kingdom, allowing customers to use "Reward" points as a form of payment.