Nium expands its global payments in the Middle East

According to the press release, Nium is set to work with the bank to offer free international money transfer services through the Enjaz app for smart devices. All Enjaz customers will soon be able to access competitive exchange rates and instant transfers through the use of Nium's global partner network. 

Furthermore, this builds on Nium's success in the region, which includes various financial institutions, such as Mashreq Bank and three foreign exchange houses in the UAE, Al Fardan Exchange, Alawneh Exchange, and Al Rostamani Exchange.

Nium provides an alternative to traditional systems like SWIFT, offering businesses in the Middle East a faster and cost-effective means of handling cross-border transactions. Nium's real-time payment capability provides a simplified and instantaneous experience, enhancing the speed and convenience of financial transactions for businesses and consumers. Nium facilitates cross-border payments, effectively connecting the Middle East with the rest of the world through its network spanning more than 190 countries. Nium's platform seeks to empower businesses to tailor their payment solutions, ensuring they meet their specific needs and preferences with ease. 

Headquartered in the US and in Singapore, Nium's payments infrastructure intends to shape how banks, fintechs, and businesses everywhere collect, convert, and disburse funds instantly across borders. Its payout network supports 100 currencies and spans 190+ countries, 100 of which are in real-time. Funds can be disbursed to accounts, wallets, and cards and collected locally in 35 markets. Nium's card issuance business is already available in 34 countries. The firm holds regulatory licenses and authorisations in more than 40 countries, enabling seamless onboarding, rapid integration, and compliance – independent of geography. 

In February 2024, Ebury expanded its partnership with Nium aiming to deliver a global remittance service in Brazil. According to the press release, Nium and Ebury were set to enable businesses to send or receive reliable and affordable cross-border payments to and from Brazil. This builds on the companies’ existing partnership in Europe, in which UK-based fintech Ebury leverages Nium's global payments infrastructure to send international supplier and payroll payments worldwide. 

In the same month, Nium announced obtaining in-principle approval for two payment licences from the Reserve Bank of India. Specifically, Nium received provisional approval from the Reserve Bank of India for two significant licences, namely the Prepaid Payment Instrument (PPI) Licence and the Payment Aggregator (PA) Licence. These licences will enable Nium to introduce and enhance various financial products in India, spanning from prepaid cards to merchant payment acquiring, addressing the evolving landscape of global payments.