MoneyGram and Enjaz Forge Partnership to Transform Saudi Cross-Border Payments

Malaz Madani

Last updated 16-09-2025

3 min

MoneyGram and Enjaz Payment Services announced a partnership at Money20/20 Middle East in Riyadh.

The deal aims to enhance cross-border payments using Enjaz's local and MoneyGram's global networks.

It supports Saudi Arabia's Vision 2030 to boost fintech innovation and reduce oil dependency.

The agreement may intensify competition, challenging firms reliant on traditional brick-and-mortar operations.

The collaboration could improve financial inclusion, particularly benefiting expats sending money back home.

At the first-ever Money20/20 Middle East event in Riyadh, MoneyGram and Enjaz Payment Services shook hands on a new partnership that could re-shape how cross-border payments are handled in Saudi Arabia. Their memorandum of understanding centres on combining Enjaz’s strong local footprint with MoneyGram’s expansive international network, bringing fresh digital options to a market that, let’s be honest, is already one of the largest remittance corridors anywhere in the world.

The plan is fairly straightforward: Enjaz will plug MoneyGram’s infrastructure into its retail branches and its Enjaz Pay app, giving millions of people across the Kingdom access to over 480,000 MoneyGram outlets and billions of digital endpoints worldwide. For the many expats working in Saudi Arabia, this should mean quicker, more reliable transfers back home without the usual faff of juggling different providers.

Ahmed Aly, who heads up MoneyGram’s operations across the Middle East, South Asia and Asia Pacific, highlighted that the deal tightens the bond between global reach and local trust. In his words, the tie-up aims to boost financial inclusion and fuel innovation in digital payments. That said, it’s not all about speed and tech. There’s also a political undertone here—supporting Saudi’s push under Vision 2030 to advance its fintech sector and reduce dependency on oil.

Enjaz isn’t a small fish either. With more than 140 branches dotted around the Kingdom and a reputation as a top global remittance player, the company already has a large customer base. Its CEO, Bassam AlEidy, said the partnership expands their portfolio and connects clients with one of the most recognised names worldwide for money transfers. I reckon the move could put even more competitive pressure on rival services, particularly those still relying heavily on brick-and-mortar only operations.

From a personal note—at Arageek we’ve seen plenty of local fintech startups struggle with scaling cross-border capabilities. Integrations like this could offer a blueprint, showing how a strong local player can align with a big global network rather than trying to reinvent the wheel. And believe it or not, sometimes these heavyweight partnerships end up opening doors for smaller innovators as well, because the market matures faster.

On the flip side, there’s always the question of customer experience. Expanding services on paper is spot on, but if the app is buggy or customer support doesn’t keep up, it could turn into a bit of a headache. Still, for a country with so many expats regularly sending funds abroad, the potential upside is massive.

In short, the MoneyGram–Enjaz deal isn’t just another corporate handshake; it’s a signal that Saudi Arabia’s fintech landscape is moving at pace, positioning itself as a regional hub where global networks and local champions can work hand-in-hand. And if it delivers even half of what’s promised, plenty of families receiving money abroad will be chuffed to bits.

(And yes, I noticed the timing—unveiling it at Riyadh’s brand-new fintech showcase definitely wasn’t accidental. A smart move, even if a tad theatrucal.)

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