Mon 19 Aug 2024
The National Microfinance Company has signed a Memorandum of Understanding with MadfoatCom Initiative, in partnership with The Challenge Fund for Youth Employment

The National Microfinance Company has signed a Memorandum of Understanding with MadfoatCom Initiative, in partnership with The Challenge Fund for Youth Employment, through which both parties will work on providing the necessary training and technical and technological facilities for integration into individual and small projects that support the electronic payment sector in the Kingdom. This initiative will also create extensive opportunities for self-employment across various governorates for the target groups of the developmental services offered by both parties, particularly women and youth.

The agreement was signed by Mr. Sameh Al-Mahariq, CEO of the National Microfinance Company, and Mr. Nasser Saleh, CEO of MadfoatCom, following an in-depth discussion on strategies for expanding the financial inclusion of beneficiaries in digital financial services. This is considered one of the main requirements for advancing financial inclusion, which has a significant impact within the economic modernization system, particularly in enabling financial beneficiaries to improve the performance of their businesses. Both parties agreed to work jointly to exchange ideas on upcoming initiatives aimed at enhancing financial literacy related to digital transformation to improve opportunities for optimal money management at the individual and micro and small project levels.