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Ericsson ties up with Mobily to provide financial services in Saudi Arabia

The Swedish company aims to increase Saudi Arabia’s cashless payments to 70% by 2030

Ericsson has partnered with Saudi Arabia-based telecommunication company Mobily to launch financial services solutions in the Kingdom and they aim to increase Saudi Arabia’s cashless payments to 70 percent by 2030, according to media reports.

Ekow Nelson, vice president of Ericsson Middle East and Africa told the media, “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.”

Recently, Orange Middle East and Africa announced that they have selected Ericsson as a strategic partner for its pan-African Orange Money service by utilising Ericsson’s Wallet Platform to accelerate financial inclusion for its customers across fourteen African countries, according to media reports.

The Wallet platform by Ericsson is a leading financial services platform that integrates the latest security technologies and open architecture framework principles. Orange Money has grown rapidly since it was launched in 2008 and currently it is available to more than 60 million subscribers in seventeen countries across Africa and the Middle East, where it facilitated more than £62 billion in transactions in 2020 alone.

It provides financial services through a flexible and simple mobile phone interface, without the need for a bank account. Orange Money customers can securely store, transfer and withdraw money and they can also use other important financial services.

Additionally, Orange Middle East and Africa will be deploying the services in phases across fourteen of the countries in its Orange Money footprint, starting with Senegal.

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