Bahrain: Spare, Eazy Financial Services to Introduce Open Banking Capabilities

Spare, an open banking platform licensed by the Central Bank of Bahrain, has announced its partnership with Eazy Financial Services, a Bahraini Payment Services Provider that is focused on “specializing in POS and online payment gateway acquiring solutions to embrace opportunities in Open Banking.”

The partnership was officially “signed by Abdulaziz AlOthman, General Manager of Spare in Bahrain, and Nayef Tawfiq Al Alawi, Founder & CEO of Eazy Financial Services, with the goal of contributing to the shared objective of accelerating the adoption of open banking services in the Kingdom, in line with Bahrain’s 2030 economic vision, which seeks to further strengthen the financial sector.”

Through this partnership, EazyPay will “enable its merchants to accept open banking payments powered by Spare, which will add to the current options available to merchants.”

Businesses of all sizes will be “able to capitalize on a more secure and convenient form of collection through the enhanced level of service powered by open banking.”

Customers will benefit “from seamless payment solutions whereby they can pay directly from their bank account.” This collaboration will also “allow EazyPay to utilize Spare’s open banking connections to provide new products and services to its customers.”

As noted in the update, Eazy Financial Services claims it is “a leading Bahraini financial institute specialized in Point-of-Sale (POS) & Online Payment Gateway Acquiring services licensed & regulated by the Central Bank of Bahrain.”

Abdulaziz Alothman, General Manager at Spare, commented:

“We are thrilled to have EazyPay on board with us for open banking services. Adopting Spare’s innovative transaction solution will undoubtedly bring great benefits to consumers with a seamless and hassle-free experience while allowing them to enjoy new, personalized financial services.”

Eazy Financial Services Founder & CEO, Nayef Tawfiq Al Alawi, said:

“We are excited to partner with Spare, in line with our ongoing commitment to deliver beyond conventional payment practices and innovative solutions with the ease and speed that customers want. We believe that establishing these partnerships, especially with key ecosystem players, will allow various players to acquire the necessary capabilities and deliver innovative and unique propositions to a wide range of customers in the Kingdom and the region. We look forward to fostering a productive relationship with Spare for many years to come.”

Spare is “a licensed open banking enabler that offers a wide range of account information and payment initiation services to both merchants and consumers.”

With “Pay by Spare”, merchants can “capitalize on a faster, cheaper, and more secure way to receive payments from their customers via a bank-to-bank transfer.”

Spare aims “to grow and expand the presence of open banking and to introduce solutions that will enhance the way we transact.” Spare is “connected to the largest retail banks in Bahrain reaching more than 90% of the customers across the Kingdom.”

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