Bank Albilad establishes Enjaz Payment Services with SAR 200 mln capital

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Bank Albilad announced the incorporation of its subsidiary, Enjaz Payment Services Co., a closed joint stock company with SAR 200 million capital, the bank said in a statement to Tadawul.

Having its registered office in Riyadh, Enjaz is 100%-owned, directly and indirectly, by Bank Albilad.

The payments and remittances activities, which are currently operated as a business division of Bank Albilad, will be transferred to Enjaz, and this move will have no financial impact.

The new entity is licensed by the Saudi Central Bank (SAMA) as a Major Electronic Money Institution (EMI).

Enjaz customers will continue to enjoy uninterrupted payments and remittances services which will be provided by Enjaz.

The incorporation of Enjaz aligns with Bank Albilad’s strategy.

Any major developments in this regard will be announced in due course, the bank concluded.