Bank Albilad Announces Incorporation of Enjaz Payment Services with Capital of SR200 mln

Bank Albilad announced on Monday the incorporation of its subsidiary, Enjaz Payment Services Company, a closed joint stock company with share capital of SR200 million and its registered office in Riyadh.

It added that Enjaz Payment Services Company is owned 100% by Bank Albilad (directly and indirectly).

It also added that the payments and remittances activities, which are currently operated as a business division of Bank Albilad, will be transferred to Enjaz Payment Services Company. Such transformation will not have any financial impact.

It explained that Enjaz Payment Services Company is licensed by the Saudi Central Bank as a Major Electronic Money Institution (EMI).

Enjaz customers will continue to enjoy uninterrupted payments and remittances services which will be provided by Enjaz Payment Services Company.

The incorporation of Enjaz Payment Services Company is in line with Bank Albilad’s strategy. Any major developments in this regard will be announced in due course.