The Saudi National Bank and Mastercard announce the launch of Flexi Credit Card, the first of its kind in the Kingdom

• For the first time Saudi Arabia, the innovative Mastercard Installments Program gives shoppers the flexibility to convert purchases into four installments with no fees and no interest.

Riyadh – Saudi Arabia 17, April, 2024 - The Saudi National Bank (SNB) and Mastercard have partnered to launch the Flexi credit card, the first of its kind in the Kingdom, allowing customers to shop and pay in four easy installments without fees. This launch marks the debut of the Mastercard Installments Program in Saudi Arabia.

This new launch comes in line with SNB’s commitment to provide innovative and comprehensive payment solutions and within its continuous efforts to achieve one of its strategic aspirations to be the “Best Bank in Innovation” through the partnership with Mastercard. The Flexi credit card is a virtual card available to all customer segments, making it accessible to a wide range of individuals.

The Mastercard Flexi credit card enables its holders to pay for purchases into four interest – free installments, which provides flexibility and comfort in addition to exclusive offers and discounts at partner outlets related to the program. It is also a fully digital card experience, offering a virtual card that can be accessed through the AlAhliMobile application, eliminating the need for a physical card. The card also allows customers to meet their various purchasing needs, giving them the freedom to shop for the products and services they want locally.

Flexi credit card is powered by the Mastercard Installments Program, which is tailored to meet the needs of lenders, issuers, merchants, and consumers. The program offers secure installment payment experiences, both in-store and online, across Mastercard’s extensive network, giving merchants of all sizes the ability to easily enable more choice for consumers — from pay-in-four models to interest-bearing loans. The transparency in budgeting that the program provides is matched by transparency in lending practices, with the strong consumer protections and the high standards of consumer disclosure and data transparency.

Mr. Saud Bajbair Head of Retail Business Group at SNB said: “SNB remains committed to introducing new products that align with the aspirations and vision of the Kingdom 2030, particularly in regard to activities and events related to credit cards and promoting customer inclusion along with sustainable growth.”

Bajbair added: “In a groundbreaking collaboration, and through this launch of Flexi credit card, SNB and Mastercard are introducing innovative product portfolio, which marks it the first of its kind in the kingdom, further demonstrating SNB's commitment to bringing innovative opportunities to its customers.”

Adam Jones, Division President, West Arabia , Mastercard, said: “We aim to empower consumers across the Kingdom and wider region by offering greater access to innovative offerings that cater to their needs and preferences. Together with The Suadi National Bank, we have set out to elevate consumers' shopping experiences with our new Flexi card proposition providing greater convenience, peace of mind and more choice.”

The launch of the new card comes as a complement to the advanced services provided by the bank to its customers as part of its continuous efforts to develop alternative programs and services that meet the financial needs of its customers.

Customers can obtain the card directly by applying through the AlAhliOnline website, AlAhliMobile application or by visiting the nearest branch.