Magnati and Ajman Bank Collaborate to Boost Financial Support for SMEs

Abu dhabi: Magnati, a prominent payment solutions provider in the Middle East, has joined forces with Ajman Bank to introduce an embedded finance solution designed to bolster the growth of small and medium-sized enterprises (SMEs). This partnership aims to facilitate access to Shari'ah-compliant financial services, equipping SME merchants with the necessary tools to expand their businesses and contribute to the economic development of the United Arab Emirates. According to Emirates News Agency, the newly launched platform allows SME merchants to leverage real-time point-of-sale (POS) payment transaction data to access a diverse array of financing options from Ajman Bank. The offerings include Shari'ah-compliant business financing, as well as financing for invoices, equipment, receivables, and POS transactions. The platform is tailored to address the specific financial requirements of SMEs efficiently while adhering to Shari'ah principles. The partnership between Ajman Bank and Magnati reflects a mutual comm itment to financial inclusion, enabling SMEs in the UAE to prosper and play a significant role in the country's economic growth. Mustafa Al Khalfawi, CEO of Ajman Bank, emphasized their dedication to supporting the SME sector, highlighting the partnership as a testament to providing innovative financial solutions that foster business success. Ramana Kumar, CEO at Magnati, expressed enthusiasm for the collaboration, noting the integration of Ajman Bank's financial solutions with Magnati's platform as a means to facilitate easy access to essential financial resources for SMEs. The collaboration streamlines the application process for SMEs utilizing Magnati's payment solutions, allowing for quicker approvals and a more personalized customer experience. Furthermore, automatic deduction of EMI repayments from daily payouts enhances cash flow management, offering businesses greater financial stability.