Hakbah & Tawuniya Partner to Enhance Insurance in Saudi Arabia

Hakbah, a leading Saudi fintech savings platform, has announced a strategic partnership with Tawuniya, one of Saudi Arabia's premier insurance companies, during the 24Fintech event in Riyadh.

This collaboration aims to bolster financial security for Hakbah members by providing them with comprehensive life insurance coverage during their Jameya savings period. The insurance offered under this partnership includes protection against Death of Any Cause (DAC) and Passive War Risk (PWR).

Hakbah’s strategy involves forming alliances with industry leaders like Riyad Bank, Fransi Bank, ANB, flynas, and now Tawuniya to deliver superior services at an affordable cost. Hakbah has experienced rapid growth across the MENA region, surpassing its 2023 revenue in the first half of the year alone and gaining over 750,000 users.

Tawuniya, in particular, aims to foster a positive savings culture, particularly among the youth, who constitute a large portion of the country’s population. Currently, Saudi Arabia faces a low household savings rate, with 70% of citizens lacking adequate emergency savings while the average household savings rate stands at just 1.6%.