Real Estate Development Fund, Moyassar E-Service
Story of a Successful Partnership
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I. Introduction
The Real Estate Development Fund (REDF) aims to enhance residential ownership for all Saudi citizens. REDF is designed to provide fair and professional, concessional real-estate lending services to Saudi citizens within a fully integrated system based on cutting-edge technologies and effective cooperation with all related government agencies. REDF’s services cover more than 3,976 cities and villages throughout the Kingdom of Saudi Arabia.
II. Challenges
REDF seeks to provide a suitable residence for all Saudi citizens without exception, to improve urban and rural development, and to facilitate the process of applying for a real-estate loan, The challenges facing REDF included:
- Making its services available for beneficiaries without any need to remit their applications at REDF offices in person.
- Reaching all REDF beneficiaries wherever they are and whenever required.
- Developing an effective and secure tool for receiving and processing real-estate loan applications.
- Creating a powerful and rapid communication channel between REDF and beneficiaries completing the loan procedures.
- Identifying an efficient means of coordinating with other related government agencies.
III. Solution
REDF adopted a comprehensive plan to make its services available to all Saudi citizens. Initially, “Moyassar” was associated with a Royal Decree to expand the scope of REDF beneficiaries. It thus became necessary to develop an e-services portal where REDF’s services could be available online. Accordingly, Naseej:
- Developed the “Moyassar” online portal and empowered it with sufficient storage capacity to accommodate the expected large numbers of synchronized applications.
- Provided access to the portal through digital access facilities such as the internet and smartphones.
- Created a content management system to ensure on-the-fly and accurate processing of applications.
- Activated a communication mechanism between REDF and beneficiaries via SMS to update applicants on their application status and inform them of any errors in the documentation.
- Connected REDF e-services with the Government Service Bus (Yesser) in order to link REDF with other related government agencies
“Moyassar” a 100% e-service that provides various access channels (online, SMS, mobile) for receiving and processing real-estate loan applications, and for verifying data through a number of steps. The steps include: checking compliance with the service requirements and consistency with REDF-registered data, to ensure that the applicant has not benefited previously from REDF services and to avoid duplicate data entries; and double-checking the applicant’s data against National Information Center records. Once the application is approved, a text message is sent to the applicant's mobile notifying him of his serial number. If the application is declined, the applicant is informed of the error in his application.
“Moyassar” is featured in Microsoft’s newsletter
“Moyassar” was featured in Microsoft’s newsletter of February 2013 as a result of the strategic partnership formed between REDF and Naseej in the Kingdom of Saudi Arabia.
IV. Result
- As a turn-key solution, “Moyassar” has provided a completely managed services approach that validated 700,000 completed applications in the first seven hours of its launch without any reported denial of services.
- To date, it has assessed over 3 million applications, comprising more than 25 million internal data processing transactions.
