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SA24_FI_NAMI PAYMENTS_PIC

SAUDI ARABIA - Finance

Abdulmohsen Al Sudairy

CEO, Nami

Bio

Abdulmohsen Al Sudairy was assigned as the CEO of Nami on May 2022. In his role, he is keen on developing long-term sustainable strategies with clear goals and objectives that align with Vision 2030, ensuring that Nami remains as an active contributor to the development and growth of Saudi Arabia. He enjoys a strong leadership and financial background in both public and private sectors.

"We can agree that digital payment solutions will not remain as they are currently and will inevitably change through new developments in the long run."
TBY talks to Abdulmohsen Al Sudairy, CEO of Nami, about the company’s operations, the evolution of financial services, and priorities for the coming year.
Can you outline Nami’s operations in Saudi Arabia?

Nami started as a standalone company in 2020 to satisfy market needs and serve its clients by giving them online and offline payments. We started focus on offline payments with point-of-sale (POS) devices by having a Network Service Provider (NSP). Subsequently, we became an aggregator, integrating our strategy with different clients and three major banks in Saudi Arabia. In the event there is a technical challenge with one bank, the other partners can support our clients and sustain smooth financial operations for them. His valuable partnership enables us to enhance and expand our offering on both offline and online payments and endorse us to offer a comprehensive service to our clients. We are among the major payment gateway providers in the market, especially for SMEs, which recently has been contributing to the Saudi economy with sustainable growth. Our main objective is to provide this market segment with fintech and payment solutions that ease their lives. For example, we developed the cashier system (ECR) for F&B and retail businesses to provide them with all the information they need in real time, such as their existing stock and everything they need from suppliers to storage. We complete the circle by being part of the economy. That is the philosophy behind our brand, Nami, which means ongoing growth in Arabic. Our five-year strategy is focused on providing real-time transactions to all sectors, as well as, creating tailor-made solutions for both financial and non-financial institutions. Our strategic objectives, paired with the comprehensive network that Nami provides, with operations across 23 cities in the country and operated by a specialized workforce available to partners on a 24/7 basis, it ensures that our clients’ needs and aspirations are always being met and that they receive high-quality and reliable services.

What are the current opportunities and challenges for players operating in your field, and how do you set Nami apart from its competitors?

Fintech is a massive, rapidly growing, and one of the most important sectors to accelerate the digital transformation in the Kingdom. The full support provided by authorities, especially by SAMA and its executive arm Saudi Payments, has led to the launch of various regulations that aim to govern, control, and monitor money circulation, as well as, block all irregular transactions to create a safe market that achieves growth for Saudi Arabia. They work closely to empower all players within the fintech sector and to facilitate their entry and participation. Indeed, this shift has encouraged significant entry of new players and presented the emergence and launch of many fintech products, services, and solutions, enabling the transition of a cashless society as one of the key strategic goals of Vision 2030. Nami Payments does not position itself as a start-up—we are a well-established, sutructured, and sustained company, with the expertise, skills, systems, and infrastructure necessary to endorse the market through effective contribution. Based on that, we are proud to be one of the top four fintech and payments companies in the Kingdom.

How is your client portfolio structured, and where have you seen an increasing demand of your services?

We serve a wide array of sectors supporting a client range of large corporations all the way to small-scale shops, divided into three main segments. The first segment comprises banks and large entities, where we provide services such as devices, networks, and maintenance, among many other services. The second segment is the merchants, such as medium enterprises requiring fintech solutions in their operations. The third segment is the most interesting one, where we have witnessed an increasing demand for our services, which is start-ups and freelancers. In this latter segment, we add value by providing financial solutions efficiently and seamlessly to their businesses, while contributing to the growth of the Kingdom’s economy and achieving the goals set in Vision 2030 aiming to grow this important and key sector.

How do you envision the financial services evolving, and what potential does the company have to take fintech to the next level?

Nami firmly believes in R&D, making us constantly on the lookout for new innovation and technology ideas and solutions. We always look forward to taking the initiative and being a leader in terms of our offerings, inspired by our country’s spirit in leading uniquely and providing innovative solutions. We are actively working to develop various innovations for our customers, as well as solve existing problems and accelerate the development of new technologies. We aim to improve the ease of transactions through a number of new solutions such as Nami 360, an integrated cloud cashier system for sales management; Nami Go, a service that facilitate payments in e-commerce stores; and the most recent advancement, Nami Soft POS, which turns mobile phones into POS terminals that enable customers to accept payments anywhere and anytime via their phones.

What are Nami’s key priorities for the coming year?

We can agree that digital payment solutions will not remain as they are currently and will inevitably change through new developments in the long run. Nami closely follows all technical developments around the world in order to lead the Saudi fintech sector by providing everything that is innovative and new in the world of financial technology. For 2024, our main focus is to consolidate our operations in Saudi Arabia, and my key priority is to build a robust company with solid partnerships in different areas. We also want to ensure that we remain ahead of all our competitors, providing authentic services to our clients. For the last, I want to focus on retaining human capital and continuously developing their skills. They are our main assets and pillars of the company.

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