Bank Albilad has announced the establishment of the Enjaz Payments Services Company, a closed joint stock subsidiary, with a capital of 200 million riyals and its headquarters in Riyadh.
According to Arabiya Net, the bank said in a statement that Enjaz Payment Services Company is 100% owned by Bank Albilad, directly and indirectly.
He added that the payments and remittances business currently practiced by the bank through the business sector of Bank Albilad will be transferred to the Enjaz Payments Services Company. The transfer will not have any financial impact.
He explained that Enjaz Payment Services Company was licensed by the Saudi Central Bank, Sama, as a large electronic money company.
Bank Albilad indicated that all Enjaz clients will continue to fully benefit from the uninterrupted payments and remittance services, which will be provided by the Enjaz Payment Services Company.
He said that the decision to establish an Enjaz Payment Services Company comes in line with the strategy of Bank Albilad.
