Is Tech the Key to Unlocking SME Growth in Bahrain?

10X Technology

Mokshita P.
10X Technology
Published:

Is Tech the Key to Unlocking SME Growth in Bahrain?

The collaboration leverages POS data and embedded finance technologies, aiming to boost SME growth and contribute to Bahrain’s Vision 2030 economic diversification goals through efficient, tech-driven financing solutions.

Bahrain’s SMEs now have a fantastic opportunity to access tailored financing solutions thanks to an exciting partnership between EAZY Financial Services, better known as "EazyPay," and Tarabut, the leading regulated open banking platform in the MENA region. EazyPay, which specialises in Point-of-Sale and online payment gateway services, is teaming up with Tarabut to develop cutting-edge, technology-driven financing options specifically for SMEs in Bahrain using EazyPay's POS terminals.

SMEs play a huge role in Bahrain’s economy, contributing over 30 percent of the Kingdom’s GDP and providing 36 percent of the jobs in the private sector. Despite being such an important part of the economy, many SMEs struggle to access financing due to the traditional banking system's lengthy processes and strict eligibility requirements. This partnership is looking to change that by using embedded finance technologies that connect POS systems with financial institutions, making loan eligibility checks quicker and more efficient. Essentially, this can make it much easier for SMEs to get financing, allowing them to grow and contribute even more to Bahrain's economic progress.

This collaboration also builds on Tarabut’s experience in Saudi Arabia, where they’ve worked with Geidea to deliver similar solutions for SMEs. They’re now bringing that expertise to Bahrain, aiming to combine POS data with Tarabut’s analytics and credit decision tools to fill the financing gap and support local businesses.

For Bahrain, this is especially important as the Kingdom continues to work towards its Vision 2030 agenda, where fostering SME growth and promoting financial innovation are key priorities. By partnering, EazyPay and Tarabut are aligning with these national goals, using innovative solutions to contribute to Bahrain’s long-term economic diversification and sustainability.

Abdulla Almoayed, the Founder and CEO of Tarabut, emphasised that the partnership is about more than just bridging gaps in financing; it's about creating new opportunities for SMEs to thrive. Through technology, they’re aiming to not only drive innovation but also strengthen the resilience of the SME sector and empower these businesses to become key drivers of Bahrain’s economic future.

Nayef Tawfeeq Al Alawi, the Founder and CEO of EazyPay, shared similar thoughts, highlighting that SMEs are the backbone of Bahrain’s economy. He explained that by leveraging their POS infrastructure and partnering with Tarabut, they’re working to make financing more accessible and efficient for SMEs, helping them overcome challenges and unlock growth opportunities.

Together, Tarabut and EazyPay are committed to supporting Bahrain’s SME sector by creating seamless, technology-driven solutions that empower businesses to access the financing they need to succeed. This partnership is really about building an ecosystem that fosters financial inclusion and drives economic progress.