Riyadh, Saudi Arabia – Alraedah Finance has been awarded the prestigious Gold Award for "SME Financier of the Year 2024" by the Global SME Finance Forum, a recognition that underscores Alraedah's commitment to empowering small and medium-sized enterprises (SMEs) across the Kingdom with tailored financial solutions and customer-focused support.

The SME Finance Forum, a leading global organization dedicated to improving financial access for SMEs, is supported by the International Finance Corporation (IFC), a member of the World Bank Group. With this significant backing, the SME Finance Forum has become one of the most reputable global organizations in the finance sector, boasting a network of over 240 members, including major financial institutions, technology providers, and development finance organizations. Through its Global SME Finance Awards, the Forum annually celebrates financial institutions and fintech companies that are setting new benchmarks in delivering innovative and impactful financial services to the SME sector.

To be honored by such an influential organization further solidifies Alraedah Finance’s position as a market leader and a key partner for SMEs striving for growth and success. This award reinforces Alraedah’s status as a pioneer financier in the Kingdom of Saudi Arabia, demonstrating its ongoing dedication to helping businesses thrive in an increasingly competitive landscape.

A Game-Changing Move: Customer Success Department
In July 2023, Alraedah Finance launched a first-of-its-kind Customer Success Department, designed to enhance client experiences and deliver tailored support to SMEs. This strategic initiative reflects the company’s commitment to ensuring that its SME clients not only succeed but thrive. By offering personalized assistance and proactive engagement, the Customer Success Department has become a cornerstone of Alraedah’s mission to foster long-term partnerships with its clients.

"Our focus has always been on fostering long-term partnerships with our clients, and the establishment of the Customer Success Department is a clear reflection of that commitment," stated Abdulaziz AlDawood, CEO of Alraedah Finance. "We are dedicated to ensuring that SMEs across the Kingdom have access to the tools, guidance, and resources they need to grow and succeed."

Tangible Results: A 50% Reduction in SME Payment Defaults 
The impact of Alraedah's Customer Success Department has been remarkable. In Q1 of 2023, the company’s SME payment default rate was 6.7%. By Q1 2024, the average default rate was 3.3%, marking a significant 50% reduction in merchant defaults. These impressive figures highlight the department’s success in providing the critical support SMEs need to stay financially healthy.

Driving Growth and Innovation 
Alraedah’s success can be attributed to several key factors:

  • Client-Centric Approach: Alraedah has always prioritized its clients, and the creation of a dedicated Customer Success Department is a testament to this commitment. 
  • Competitive Advantage: Offering personalized support has allowed Alraedah to differentiate itself from competitors, attracting new clients and strengthening existing relationships. 
  • Sustainable Growth: The focus on customer satisfaction has laid the groundwork for long-term growth, fostering loyalty and enhancing client retention. 
  • Ethical Responsibility: Alraedah is committed to acting in the best interests of its clients, upholding the highest standards of integrity in its business practices.

To further enhance customer success, Alraedah regularly conducts Experience, Customer & Relationship (ECR) surveys, ensuring it remains ahead of market trends and continues to meet the evolving needs of its clients.

Alraedah Finance was competing against some of the top financing companies worldwide for this prestigious award. Being recognized and emerging as a winner against such strong competition further establishes Alraedah as the go-to financier for businesses seeking to grow in a highly competitive marketplace.

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About the SME Finance Forum and the Global SME Finance Awards

The SME Finance Forum, established by the International Finance Corporation (IFC), a part of the World Bank Group, works to expand access to finance for small and medium-sized businesses worldwide. Through a global network of financial institutions, fintech companies, and development organizations, the Forum promotes knowledge exchange, innovation, and partnerships that enhance financial inclusion for SMEs. Launched in 2018, the Global SME Finance Awards recognize institutions that excel in delivering outstanding financial products and services tailored to SMEs, thereby driving growth and economic impact in their regions.

About Alraedah Finance

Founded with a mission to support SMEs, Alraedah Finance provides a comprehensive range of financial solutions tailored to meet the unique needs of small and medium-sized businesses. Through innovative products, a client-centric approach, and a commitment to long-term growth, Alraedah has positioned itself as a champion of SME’s.

For media inquiries, please contact: 
Contact Person: Sadaf Sofi
Title: Head of Marketing 
Email: sadaf.sofi@alraedah.finance
Website: www.alraedah.sa