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Gulf Capital portfolio company Geidea becomes first and only non-bank institution in Saudi Arabia to receive a merchant acquiring license from the Saudi Central Bank (SAMA)

Gulf Capital portfolio company Geidea becomes first and only non-bank institution in Saudi Arabia to receive a merchant acquiring license from the Saudi Central Bank (SAMA)
March 22, 2021

Geidea, the largest fintech company in Saudi Arabia by market share, recently became the only non-bank institution in Saudi Arabia to be granted an acquiring license from Saudi Central Bank (SAMA). The license enables Geidea to process secure, fast and seamless end-to-end payment solutions directly to merchants.

Gulf Capital portfolio company Geidea becomes first and only non-bank institution in Saudi Arabia to receive a merchant acquiring license from the Saudi Central Bank (SAMA)

Furthermore, geidea becomes the first fintech in the region to develop an app based contactless ‘Tap on Phone’ solution which will empower SMEs with a simple and intuitive way to process customer payments. The app based Tap on Phone solution will allow merchants to quickly and securely accept payments on their mobile phones without the need for a separate payment terminal or connection.

The new Tap on Phone solution will also have all the features of a traditional PoS (Point of Sale) terminal, including acceptance of payments from contactless cards, mobile wallets, and wearable devices. All transactions are settled directly in the Geidea app on the merchant’s mobile phone and funds can be automatically transferred into their existing bank account within the same, or next day – easing the way of doing business in the Kingdom and improving convenience for both merchants and customers alike.

Additionally, it will enable business-owners with the capabilities to track and manage their sales, transactions, revenues and costs, thereby supporting SMEs in not only processing payments but also running their operations and ensuring their long-term business growth and sustainability.

“As a homegrown brand, Geidea is proud to be the first non-bank company to have ever received an acquiring license from the regulatory authorities. We thank Saudi Central Bank (SAMA) for supporting our innovation, and we strongly believe we can empower the growth of the SME sector while at the same time helping Saudi’s Vision 2030 goal of shifting towards a cashless economy.  Additionally, with over 85% smartphone penetration in KSA, the development of ´Tap on Phone´ mobile payment acceptance will help realize our vision of making payment technologies accessible, affordable and intuitive for SMEs. No matter what merchants do, or where they sell, we can provide them with new and easier ways of accepting digital payments that fit the way they do business,” said Founder and Chairman Abdullah Al-Othman.

Geidea currently  offers a complete suite  payment solutions for SMEs, featuring portable payment card readers, smart terminals,  ePOS systems for retail and restaurants,  as well as giving online merchants and solo-entrepreneurs a complete e-commerce offering, ranging from building their own website,  integration of payment gateway to their existing websites and ability to accept payments remotely anywhere in the world via payment links.

“At Saudi Payments, we are proud of our role to pave the way for banks and fintechs, enabling them to provide new and innovative services in the payments sector within the Kingdom, in a manner that simulates the innovation spirit that characterizes this vital sector. We look forward to seeing Geidea and other payment companies licensed by SAMA to complement our efforts to encourage the acceptance and adoption of digital payments in the Kingdom, and to actively contribute to completing the transformation of SMEs to adopt electronic payment methods, in order to achieve our ambition to shift towards a cashless economy,” said Fahad Al-Aqeel, CEO of the Saudi Payments Company.

All of Geidea´s contactless,  ecommerce and online payment solutions  are  open and made available to both  Geidea´s existing banking partners in Saudi Arabia, as well as offered directly to merchants and SMEs across various sectors, including taxi, ride sharing, food delivery services, home service, health and beauty, small retail and restaurants across the kingdom. The company aims to rollout the service across additional markets in the Middle East and North Africa by the end of 2021.

Download press release in Arabic.

 
 
 
 
 

Fraud Alert

Fraud Alert - Important alert to Gulf Capital Investors,Shareholders, the Financial Services Community and the Public

Fraudsters are engaging in a fraudulent email and website scams whereby websites and communications are targeting members of the public and potential investors (victims) by fraudulently using the identity of legitimate members of Gulf Capital's Executive team or Gulf Capital's Board of Directors to solicit investments, fake job offers and other dealings, without authority, and for a malicious purpose. Neither Gulf Capital's Chief Executive Officer nor any members of its Board of Directors or other members of its Executive team have made any offers for investment partnership, offers of employment or other dealings through these channels and the names, and identities of such individuals are being used illegally and without their consent.

Gulf Capital and its management have taken and will continue to take legal action against anyone found misusing Gulf Capital's name or the names or identities of any members of the Board of Directors of Gulf Capital or Gulf Capital's Executive team illegally or without consent for whatever reason.

Report Scams

We invite you to immediately contact fraud-detection@gulfcapital.com* if any of the following occur:

  1. You have received any unsolicited correspondence or investment advice or you think you have been contacted in relation to a possible scam (whether by telephone, email or courier) by sources fraudulently impersonating Gulf Capital's Board of Directors or any members of Gulf Capital's Executive team.
  2. You have received notice from anyone outside of Gulf Capital informing you or raising concern regarding the fact that they may have been contacted by any sources fraudulently impersonating Gulf Capital's Board of Directors or any members of Gulf Capital's Executive team.
  3. You have received any communications referencing any of Gulf Capital's Board of Directors that you consider are suspicious or which you are not sure how to respond to.
  4. You have any concerns about the authenticity of any website passing itself off as a website operated by Gulf Capital or referencing the names and identities of the Board of Directors of Gulf Capital or any of its Executive team without authority.
*Note: When forwarding suspicious e-mails to fraud-detection@gulfcapital.com:
  1. Do not modify the original subject line or contents enclosed, and do not include any personal or confidential information.
  2. Forward the full internet headers of any suspicious emails to fraud-detection@gulfcapital.com before deleting as this information willhelp Gulf Capital to track the true origin of the correspondence. The internet headers can be found through your e-mail system from within the e-mail. For example, in Microsoft Outlook, you can find the internet headers by opening the e-mail, then choosing "View" and "Options". Depending on the e-mail system that you use, the process for locating the internet headers will vary. We recommend you either copy and paste the internet header and message into a new e-mail or scan the e-mail and full headers and send as a PDF attachment to ensure it is received by fraud-detection@gulfcapital.com.

Protect Yourself

  1. We recommend that you avoid getting into a conversation with any fraudsters or revealingany personal or identifying information, but you should endeavor to record thepurported name of the person and organisation along with any other information they give you (e.g., telephone number, address etc.) and then forward all such information to fraud-detection@gulfcapital.com.
  2. You should obtain independent legal and financial and professional advice before handing over any funds or entering into any agreements in relation to such solicitations.
  3. We recommend that you not respond or open any attachments or links associated with any suspicious e-mails.
Copyright آ© 2017 Gulf Capital Pvt. JSC. All rights reserved.

Illegal Use of Gulf Capital's Name

Phishing Email Alert

Gulf Capital Pvt. JSC has recently become aware of a spate of fraudulent emails purporting to offer financing from, and employment at, Gulf Capital and Gulf Capital Limited (DIFC). and misusing the official Gulf Capital logo and trade name. These emails do not originate from Gulf Capital or any of our affiliates. If you have received any such email, do not click any links in the email or provide any personal information (e.g. your bank details or copies of identity documents).

There are a number of illegal advance fee scams in operation where our name and those of our Board of Directors and Senior Management are being impersonated and abused.

The Gulf Capital name, and sometimes the names of individual employees within our firm, have been used in various fraudulent scam emails, letters and phone calls. These communications typically seek to attract a victim by suggesting that project funding or a job can be obtained by paying an upfront fee. Sometimes fake documents are sent to the victim and websites mimicking the Gulf Capital name and brand are used.

Common themes include:

  • the use of similar domain names designed to appear legitimate; examples include using phishing email accounts from domains such as: @gulfcap-es.com, @gulfcp.com, @gullfinvest.com, @eaglesquare-ae.com, @gulfcainvest.com, board members name@outlook.com, @gulfunioninvestment.com, name@gullfcapital.com
  • offers of work/visa services related to employment in the Middle East upon payment of administrative, medical and other fees;
  • offers of project financing upon payment of a fake surety bond and due diligence fees;
  • forged Board of Directors resolutions approving loans, MOUs, loan agreements claiming "100% refundable" professional service fees;
  • bogus look-alike websites;
  • fake profiles on LinkedIn and My Opportunity purporting be Directors or Management of Gulf Capital;
  • "signed" and stamped contracts purporting to be provided by us regarding project financing; and
  • use of our UAE telephone numbers by criminal impersonators.

This is not an exhaustive list of scams. New schemes designed to steal the business public's money or personal data are being invented all the time or for use in other illegal activities. Please act prudently and sensibly for your own protection and take note of our Fraud Alert on our website. The perpetrators may not always request money or personal details on initial contact, but often wait until the victim has responded.

Please note that Gulf Capital and its Management and Directors have no involvement in these or any other scams, and will vigorously prosecute any violators in tandem with the concerned authorities. Our name is being used in an unauthorized and illegal way. Note that we do not use Gmail, Hotmail, Outlook or Yahoo addresses.

We recommend you delete scam emails and do not reply to scam letters, emails, calls or faxes, and do not send money to strangers. If you need to confirm with us whether a communication is genuine, please contact us at fraud-detection@gulfcapital.com.

I have read and understood the Fraud Alert, Terms & Conditions of Use and Privacy Policy. I accept the terms and condition therein and wish to proceed to the Gulf Capital website.

تناهى إلى علم شركة جلف كابيتال أن ثمة مراسلات متنوعة تعمم عن طريق البريد الإلكتروني، ومن مواقع على شبكة الإنترنت، وعن طريق البريد العادي أو الفاكس، تدعي زيفا أنها صادرة عن شركة جلف كابيتال أو بالاشتراك معها و/أو مع موظفيها. ويراد من عمليات الاحتيال هذه، في الكثير من الحالات، الحصول على المال و/أو معلومات شخصية من الأشخاص الذين يتلقون تلك المراسلات.

وتود شركة جلف كابيتال أن تحذر عامة الجمهور من هذه الأنشطة الاحتيالية التي يزعم الاضطلاع بها باسم الشركة و/أو باسم موظفيها؛ وستقدر لفت انتباهها إلى أي مراسلات مشبوهة.

يرجى الانتباه إلى ما يلي:

  • · لا تمنح شركة جلف كابيتال أي قروض شخصية أو تمويل شخصي.
  • لا تمارس شركة جلف كابيتال أي أعمال مع اسواق العملات العالمية و السلع و المعادن