Desert Storm

The Saudi Arabian fintech market is expected to grow from US$63.9 billion to US$87.1 billion by the end of the decade, its rapid expansion fueled by the government’s ambitious Vision 2030 strategy to reduce dependence on oil, which in 2022 accounted for around 40 percent of gross domestic product.

By diversifying into more sophisticated public services and technology industries, the economy will be more resilient to a global reduction in the use of fossil fuels.

It’s hoped that transforming the country into a global investment powerhouse and leveraging its strategic location to become a hub for trade and logistics will create jobs, promote sustainability and improve living standards.

The rapid expansion in fintech was partly fueled by the rise in digital and mobile payments during the COVID-19 pandemic, together with regulatory support from the Saudi Arabian Monetary Authority.

A key player in the sector is Nami, offering both online and offline payment solutions through point-of-sale devices integrated with major banks to ensure fast and efficient payment processing. More than 48,000 merchants across the country process a million transactions a day using its services.

Its impressive growth in a highly competitive market – which includes PayPal, Moyasar and Amazon Payment Services – is testament to the vision established by CEO Abdulmohsen Al Sudairy, a former chief privatization officer at the Ministry of Municipal and Rural Affairs and executive committee member at Al Nassr FC, the Saudi club were Cristiano Ronaldo now plies his trade.

He’s a passionate advocate for the thinking and principles behind Vision 2030.

“All our lives we’ve been exporting oil, but the other big thing we’ve exported is the money we’ve made from that oil,” he tells The CEO Magazine. “But now, more and more, it’s being invested within the Kingdom in other successful areas of business to help support Vision 2030. And that has helped us as a payment company.”

Enhancing Services

He sees Nami’s role as integral to the broader economic development of his country.

“We are trying to increase the quality of life for people living in Saudi Arabia,” he states. “This mission aligns with the Financial Sector Development Program, which is part of Vision 2030 and aims to enhance the financial sector infrastructure and services.”

Under Al Sudairy’s leadership, Nami has lived up to the meaning of its name in Arabic: growth.

“We’re among the major payment gateway providers in the market, especially for the small and medium-sized enterprises that have been contributing so significantly to economic growth,” he says. “Our main objective is to deliver fintech payments that make people’s lives easier.”

One of Nami’s notable innovations is the cashier system for food and beverage retailers. It provides real-time information on stock levels and other data critical for day-to-day supply chain management.

But it’s not a one-size-fits-all approach.

---

---

Advertisement

Al Sudairy’s insight was that once a key market had been identified, a tailored solution should be devised based on a firm understanding of specific needs.

“When I joined Nami, we first tried to see where exactly we’d operate, what our markets might look like, and where we needed to focus. We used a technique called ‘where to play and how to win’.”

It involved a deep dive into the market to identify gaps that could be filled by exploiting Nami’s strengths and working with trusted partners. He has nurtured strong bonds with key suppliers, including cybersecurity leader IGRC Square and commercial display specialist Kosintec.

“They help us big time on security and certification with card schemes, working with us morning and night to achieve our needs. We see them as so much more than suppliers – it’s a strong, mutually beneficial relationship,” he says.

“We also value our partnerships with central banks and fintech stakeholders that let us fine-tune our strategy based on how our capabilities as an innovator would make a positive difference. Our goal wasn’t just to replicate existing solutions but to create new, differentiated products.”

Leading from the Front

One factor that set them apart from their rivals was an in-house development approach. “We don’t depend on third parties for ideas, we nurture them ourselves to be fast, secure and more efficient.

“For example, we’re the only company in Saudi Arabia working on mobile payments on commercial off-the-shelf; a real breakthrough in using phones to make payments,” he explains. “Our five-year strategy focuses on providing real-time transactions across all sectors and creating bespoke products for both financial and non-financial institutions.”

The plan is supported by Nami’s comprehensive network, which operates across 23 cities and boasts a specialized workforce available around the clock to help its customers.

For that to happen, it’s essential for all of Nami’s 250 staff to have a holistic view of the operation.

“A CEO isn’t just a leader or innovator, he’s a role model who must have a 360-degree vision of the company and the markets it operates in. You need someone with a comprehensive understanding to guide the company effectively. And that should extend to how vast streams of data are captured and monetized because data is money,” he says.

“We know exactly which business segments are booming, where they are located and the specific needs of different areas. This information helps us build optimum solutions for very precise client needs.”

---

---

Advertisement

Such customization means unique solutions can be aligned with client requests.

“We provided the first and only dual-screen point-of-sale device in the market because one of the banks asked for it with specific specs. We fulfill the needs of our clients, whether it’s customized devices, business support or payment advice,” he says.

This focus on client needs extends beyond mere transactions. “We’re not only a payment provider; we are a payment advisor. We help clients monitor their businesses, understand their sales and focus on growth. If their businesses grow, we will grow with them,” he says.

Despite geopolitical uncertainty and disrupted supply chains, Al Sudairy is optimistic about the opportunities ahead.

“For us as a payment company, this is our golden era. So we’ll take this opportunity and try and convert it into other successful business areas,” he says.

“The investments being made are getting larger and larger as almost every company in the world wants to enter the Saudi market.”