Ebdaa Bahrain Microfinance teams up with MFSYS to digitise banking services

By Delisha Fernandes

Ebdaa Bahrain Microfinance Company has entered into a collaborative agreement with MFSYS Technologies Limited, a global provider of banking automation and digital software solutions designed specifically for the microfinance and banking industries.

The objective is to fully digitize all banking services offered by the company to individuals and SME’s owners, marking a significant move in fortifying its digital transformation strategy and delivering innovative, and seamless banking services, and aiming to enhance the overall digital experience for the company’s customers.

Khalid Al Ghazzawi CEO of Ebdaa Bahrain Microfinance said, “This collaboration represents a pivotal step in our ongoing commitment to enhancing the overall customer experience. By expediting the development of our banking products and services, we aim to bolster their competitiveness, foster financial inclusion, and extend our reach to a broader customer base. Through the innovation of microfinance, we seek to empower individuals in establishing their projects, thereby increasing their impact on job creation and providing support to the Kingdom of Bahrain’s GDP.”

As per the agreement between the two entities, Ebdaa is set to bolster its expansion initiatives through the digitization of its microfinance services. The company aims to offer a secure and efficient multi-channel digital platform, facilitating easy access to its online services for customers at any time and from anywhere.

MFSYS Technologies will contribute by furnishing an integrated digital transformation system that encompasses account management, loan applications, electronic payment options for loan repayments and services, loan applications’ tracking, reports, certificates and account statements, and various other contemporary and cutting-edge digital services.

Ali Ahmed, CEO of MFSYS Technologies Limited, stated,  “We are pleased to declare our strategic alliance with Ebdaa Bahrain, a prominent microfinance company. Leveraging our expertise and capabilities amassed over a decade, we are committed to bolstering Ebdaa’s digital empowerment and elevating the efficiency of its banking services. This aligns seamlessly with our vision to empower microfinance institutions in the Middle East, solidifying our position as a leading provider of digital transformation solutions.”