Manama: The National Bank of Bahrain (NBB) has signed a Memorandum of Understanding (MoU) with the Bahrain Development of Small and Medium Enterprises Society (BDSMEs) to strengthen support for the Kingdom's SME ecosystem. The agreement outlines a framework for collaboration aimed at enabling the growth and long-term success of SMEs across Bahrain.
According to Bahrain News Agency, this partnership will allow NBB to provide BDSMEs members with access to a comprehensive suite of banking services including account opening, payment solutions, digital banking channels, merchant services, corporate credit cards, prepaid cards, and trade finance products. The initiative is designed to drive improved service delivery, enhance SME customer satisfaction, and foster stronger relationships through tailored financial solutions that address the unique needs of this vital sector.
Subah Abdullatif Al Zayani, Chief Executive of Retail Banking at NBB, stated that their partnership with the Bahrain Development of SMEs Society is about putting customers first. She highlighted their understanding of the challenges SMEs face and their commitment to providing practical, high-impact financial solutions that make a real difference. She emphasized that this includes improving day-to-day operations and enabling long-term growth, aiming to help entrepreneurs achieve their goals and thrive.
MP Ahmed Sabah Al-Salloom expressed his pride in signing the agreement, emphasizing its importance in empowering business owners and providing a supportive environment for the growth of small and medium enterprises (SMEs). He noted that this step reflects the Society's commitment to strengthening strategic partnerships with leading financial institutions in the Kingdom. He also mentioned that the agreement will offer entrepreneurs greater opportunities to access advanced banking services that help them grow their businesses and expand their commercial activities.
He further stated that supporting SMEs is an investment in the future of Bahrain's economy. He mentioned their continuous efforts to provide initiatives and tools that enable entrepreneurs to achieve success and sustainability. He also extended his gratitude to the National Bank of Bahrain for its cooperation and initiative in promoting this path.
The MoU is expected to boost SME account activations and increase the uptake of value-added services such as point-of-sale solutions, foreign exchange, and trade finance. It also contributes to NBB's broader strategic objectives by expanding its SME client base and improving cross-sell ratios, ultimately supporting sustainable revenue growth. This collaboration marks a step forward in NBB's ongoing efforts to reinforce its role as a key partner to Bahrain's SME community and a catalyst for long-term economic progress.