The spinout of Enjaz into a separate company is in line with the wider business strategy of Bank Albilad. The Board recognised that to capitalize on Enjaz’s value and full potential as a Fintech player, a new vehicle was required. This led to the establishment of Enjaz as a new wholly-owned subsidiary.

Separation from our core banking activities will allow Enjaz to compete in the high-growth Fintech space with more operational flexibility within an evolving regulatory framework. This will enable a clearer strategic focus on diversifying revenue streams and targeting new segments for growth. This is fully in alignment with the aims and objectives of Vision 2030.

The establishment of a standalone company gives Enjaz a unique position in the FinTech marketplace. Whilst emerging FinTech competitors have only a digital presence, by building on the infrastructure of its corporate parent, Enjaz enjoys a combination of both physical and digital footprints.

This approach is already bringing fresh benefits to Enjaz, Bank Albilad, consumers, and partners in the Fintech sector. Enjaz services have now been extended to third parties, and new Remittance Partnership Agreements have been signed with both Thunes and VISA. These agreements will enhance our value proposition and increase our market share.

The new operating model is also delivering value to investors by reducing costs and maximising profit. In 2022, profit increased by 2%.

As we move forward, we will continue to diversify our product range to extend far beyond the traditional remittance business. This is a journey we have already embarked upon. In 2022, we continued to move further into the payments market through the marketing of Enjaz and Payroll Cards. This year we issued a further 218,108 cards (digital and physical), contributing to a total of 719,000 cards in use.

This will help further enhance Enjaz’s reputation as the right partner and preferred option for Consumers and Corporate clients alike. Our ambition is to continue to invest and drive innovation to establish Enjaz as the most effective and customer-focused FinTech company both locally and globally.