Saudi Arabian lender Al Rajhi Bank has formed an alliance with Zain KSA to further financial inclusion using mobile technology. 

The partnership will see Zain KSA use its technological expertise and human capital to upgrade and expand the communication services and connectivity of Al Rajhi Bank’s systems.

Zain KSA’s 4G and 5G technology and fibre optics networks will be used to provide connectivity services to Al Rajhi Bank’s sites across the Kingdom.

The systems to be upgraded include Al Rajhi Bank’s branches, ATM network and monitoring systems.

Zain KSA chief business and wholesale officer Saad bin Abdulrahman Al-Sadhan and Al Rajhi Bank acting chief operating officer Abdullah bin Saleh Alomari signed the agreement, which was announced during tech event LEAP.

Commenting on the partnership Alomari said: “Al Rajhi Bank has chosen Zain KSA as its partner due to the company’s expertise, capabilities and technical and human capacities that enabled it to lead the Kingdom’s information technology sector across several fields, including information technology and corporate connectivity services. 

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“We believe that this partnership will make it possible for us to raise the efficiency of our banking services and improve operational costs, thus promoting the customer’s journey across all our branches.”

Al-Sadhan said: “As a leading provider of digital services in the Kingdom, Zain KSA employs its capabilities to serve Saudi Vision 2030 and the digital economy strategy aimed at achieving financial inclusion and digitisation of the financial sector and investment in FinTech and innovative financial products. 

“Today we further endorse this approach with a unique partnership with Al Rajhi Bank, which is one of the most prominent banking entities in the Kingdom.”

The announcement comes shortly after Saudi Arabian authorities approved Al-Rajhi Bank’s acquisition of Ejada Systems Company to strengthen its digital banking presence.