Tawuniya Adopts Technology to Streamline Payment Processes

The Company for Cooperative Insurance (Tawuniya), the largest insurer in the Middle East and North Africa, has announced a strategic partnership with MoneyHash, a leading payment orchestration platform in the region. The agreement was unveiled at LEAP 2025 in Riyadh.

The collaboration aims to modernise Tawuniya’s payment infrastructure, improve transaction efficiency, and enhance customer experience by leveraging MoneyHash’s technology.

Advancing digital transformation

By integrating MoneyHash’s platform, Tawuniya is set to streamline its payment processes. The partnership is expected to:

• Optimise payment performance – A wider range of payment methods and improved transaction routing are set to increase success rates and reduce processing times.
• Enhance customer experience – Features such as one-click payments and flexible payment schedules will offer greater convenience for policyholders.
• Adopt next-generation payment solutions – Cutting-edge technology will support Tawuniya’s efforts to stay ahead in the evolving financial landscape.

Commitment to innovation

“Tawuniya is committed to embracing advanced technologies to enhance customer experience and operational efficiency,” said Abdullah Alsharqi, the company’s Chief Technology Officer. “Announcing this partnership at LEAP 2025 highlights our ambition to lead the industry in digital transformation.”

MoneyHash’s CEO, Nader Abdelrazik, described the agreement as a milestone for the insurance sector in Saudi Arabia. “This collaboration sets a new benchmark for innovation and customer-centric solutions in insurance payments,” he said.

Growth in Saudi Arabia’s insurance sector

Saudi Arabia’s insurance industry has been on a rapid growth trajectory, with gross written premiums reaching SAR 65.5 billion (US$17.5 billion) in 2023. This figure is projected to exceed SAR 83.5 billion (US$22.3 billion) by 2028. The sector is a key component of Vision 2030’s financial development goals, with digital transformation playing an integral role.

With insurance penetration in the Kingdom at 1.28% of GDP in 2022 and targeted to reach 4.3% of non-oil GDP by 2030, technology-driven solutions such as those provided by MoneyHash are expected to be a major enabler of growth. Saudi Arabia has already established itself as a leader in digital competitiveness, ranking second among G20 nations in a 2021 report on digital progress.