Image: Tabby/ For illustrative purposes
Saudi Arabia’s General Organization for Social Insurance (GOSI), the kingdom’s largest public pension fund, has signed a memorandum of understanding with Riyadh-based financial services app Tabby to widen access to credit for millions of beneficiaries.
The agreement will see the two organisations design and deliver Shariah-compliant credit products aimed at pensioners and other beneficiaries who are often underserved by traditional lenders. The move is part of GOSI’s Taqdeer programme, which promotes financial inclusion and digital financial services in line with Saudi Arabia’s economic transformation agenda.
“Our role extends beyond providing pensions — it is about ensuring that our beneficiaries have access to tools that can improve their financial well-being,” said Saud Al-Juhani, GOSI’s assistant governor for insurance affairs. “This MoU with Tabby is a step toward widening that access with solutions that are both inclusive and responsible.”
Tabby offers flexible payment solutions to more than 20 million users
Tabby, which operates in Saudi Arabia, the UAE and Kuwait, offers flexible payment solutions to more than 20 million users and works with over 40,000 merchants including Amazon, Adidas, IKEA and Noon.
Hosam Arab, Tabby’s co-founder and chief executive, said the partnership would expand Shariah-compliant credit options “for millions of people, adding to a more inclusive financial system in Saudi Arabia.”
The two sides said any products developed under the partnership would comply with transparency and consumer protection standards.
GOSI provides social protection and insurance coverage for Saudi citizens, public and private sector employees, as well as GCC nationals working in the kingdom.
