The financial institution, Mashreq has announced it is committed to supporting small and medium businesses (SMEs) in the UAE. Putting resources behind this claim, the firm’s business banking arm has announced a new partnership with NEO PAY, the digital payments organisation to make lending more accessible for SMEs in the region with the launch of a new point-of-sale (PoS) lending solution.
Following the new partnership, SMEs will be able to meet both their payment processing requirements as well as their funding requirements from the NEO PAY platform. With the new lending facility, merchants will be able to quickly access financing based on their sales data, reducing the need for lengthy loan approval processes or traditional credit checks and increasing financial stability.
With repayments tied to sales, merchants will also be able to ensure that their regular loan instalments align with their revenue, reducing financial strain during slower sales periods. The new lending facility will enable access to working capital for inventory, marketing or expansion needs, helping SMEs capitalise on growth opportunities without waiting for traditional loan approval.
Empowering merchants to thrive
Vibhor Mundhada, CEO of NEO PAY, said: “We are thrilled to introduce our PoS lending solution, designed to provide SME businesses with an easy, flexible way to avail financing options. With this offering, merchants can now enjoy access to quick, easy funds and boost their sales through improved cash flow. This launch marks a key milestone underscoring NEO PAY’s commitment to empowering merchants with the tools they need to thrive in a rapidly evolving marketplace.”
Rajeev Chalisgaonkar, head of business banking and NEO BIZ at Mashreq, said: “NEO PAY and Mashreq Business Banking have been supporting SMEs in the UAE through merchant solutions and business banking product suite, for over a decade. Through this partnership, our ambition is to exponentially multiply support to SME merchants by providing flexible and affordable POS lending solutions.
“Our digital lending capabilities at Mashreq Business Banking enable us to offer instant in-principle loan approvals to SMEs, ensuring timely availability of funding for their business. Our flexible lending programme lets the merchants scale up the loan amount in line with their sales growth and expansion plans. I am excited about this tie-up as it further boosts the SME growth story in the UAE.”
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