Commercial Bank of Dubai (CBD), one of the leading financial institutions in the UAE, has signed a partnership agreement with NOW Money, the digital account service, to provide accounts and cards targeted specifically at low-income customers.
NOW Money will open accounts for existing CBD low-income customers (previously known as Rateb customers) with immediate effect, allowing these customers to benefit from a frictionless digital experience and avail a range of innovative low-cost financial services. These accounts will also be offered to customers currently not banking with CBD. NOW Money and CBD believe that this solution will empower customers and provide a personal and convenient financial experience that has been lacking in the market to date.
This is pioneering for the region, according to NOW Money’s cofounder Ian Dillon, and demonstrates the commitment of CBD, NOW Money and the UAE to provide quality financial services to people from any economic background in a Cohesive Society, one of the UAE’s 2021 Vision goals.
“We’re thrilled to be partnering with CBD,” said Ian Dillon. “Our joint aim is to give lower-income people access to the digital financial system for the first time. We are offering them control and convenience for their finances in a much more advanced and cost-effective way than anything else in the market.”
“Partnering with CBD gives customers the peace of mind of a reputed and trusted bank, with the user-friendly and secure technology of a fintech,” Katharine Budd, NOW Money’s other cofounder added.
Dr. Bernd van Linder, Chief Executive Officer, Commercial Bank of Dubai, said: “We are delighted to partner with NOW Money to extend our banking service for low-income, largely unbanked customers in the UAE. Given the high smart phone penetration in the region, we believe Now Money – a digital, app based solution will be extremely popular with customers offering them convenience and ease of use in addition to a range of benefits.”
Amit Malhotra, General Manager – Personal Banking Group, Commercial Bank of Dubai, said: “At CBD, we are constantly working on enhancing our products and services to cater to all of our customers’ financial needs. Our partnership with NOW Money will enable us to provide a holistic banking experience to our low-income customers through our award-winning mobile banking platform. The account doesn’t have any minimum balance requirement and offers instant remittance services, helping the expat community in the UAE transfer money securely, quickly and conveniently to their loved ones back home.