Magnati And Ajman Bank Join Forces To Provide Enhanced Financial Solutions For SMEs In The UAE

Magnati has teamed up with Ajman Bank to introduce an embedded finance solution tailored for SMEs in the Middle East. This initiative aims to facilitate access to Shari’ah-compliant financial services, empowering SME merchants to expand their operations and support the UAE's economic growth.

Through this partnership, SME merchants can leverage real-time POS payment transaction data to access a variety of financing options from Ajman Bank. These options include Shari’ah-compliant business financing, as well as invoice, equipment, receivables, and POS financing. The platform is crafted to address the specific financial requirements of SMEs swiftly and efficiently while adhering to Shari’ah principles.

The collaboration between Ajman Bank and Magnati highlights a mutual commitment to financial inclusion, aiming to empower SMEs in the UAE. By doing so, they contribute significantly to the nation's economic development. Mustafa Al Khalfawi, CEO of Ajman Bank, stated, "At Ajman Bank, we are dedicated to supporting the UAE’s SME sector. This partnership with Magnati exemplifies our commitment to providing innovative, Shari’ah-compliant financial solutions that enable SMEs to thrive and contribute to the UAE’s prosperity."

Ramana Kumar, CEO at Magnati, expressed enthusiasm about the collaboration: "We are excited to partner with Ajman Bank, a financial institution that is integral to the Emirate’s economic progress. By integrating Ajman Bank’s Shari’ah-compliant financial solutions with our platform, we are enabling SMEs to access essential financial resources easily and enhancing their contribution to the UAE’s economy."

This partnership simplifies the application process for SMEs using Magnati’s payment solutions. It allows for quicker approvals and offers a more personalised customer experience. EMI repayments are automatically deducted from daily payouts, which aids in better cash flow management and provides businesses with greater financial stability.

The joint effort by Magnati and Ajman Bank not only streamlines access to finance but also equips businesses with necessary tools for success in today's competitive market environment. By offering these resources, they aim to ensure that SMEs can thrive and contribute positively to the broader economic landscape of the UAE.

With inputs from WAM