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Dubai, United Arab Emirates: Around 60 percent of the working population in the UAE is outside the current financial system. Edenred, the fast growing payroll solutions provider is ready to address the specific needs of these individuals who lack bank accounts, credit cards or loan options.
Their innovative B2B solution enables companies to conveniently process salaries of employees through a corporate portal and in turn empower employees by providing them with a C3 card linked to myC3card mobile app.
Currently serving more than 2,000 companies, over 10 banks and 30 financial institutions, the company announced today that it has crossed a major milestone---1 million cardholders of the C3 card, powered by RAKBANK.
C3 cardholders, who don’t have any minimum balance requirement on their account, can download myC3card mobile application to gain access to an array of convenient, technology-driven services and benefits, making it easy to leverage personal wealth and take control of their finances.
Edenred also announced that they have strengthened their C3 mobile app offering this month by adding a highly affordable Advance against Salary feature powered by RAKBANK. Customers who meet the eligibility criteria can now receive up to 50 percent of their monthly salary and enjoy convenient features such as instant credit and automatic repayment. In 2018, Edenred launched the first digital money transfer service in the UAE, in conjunction with RAKBANK.
“We continue to enhance our comprehensive solution with innovative specific value-added services that offer flexibility, reliability and a sense of security that makes a quantifiable difference to the lives of our customers. The addition of the Advance against Salary feature to our C3 mobile app further underscores our commitment to ensuring their financial inclusion and personal growth,” said Anouar Bourakkadi, Chief Operating Officer of Edenred UAE.
“The opportunity to manage finances, send money home securely and swiftly, receive salary advances and even engage in savings all through a simple yet effective mobile phone application breaks down barriers and encourages them towards financial empowerment.,” he added
Frederic De Melker, Managing Director of Personal Banking at RAKBANK, said: “We are pleased to announce that our partnership with Edenred has achieved over 1 million cards. RAKBANK has always been at the forefront of promoting financial inclusion by providing the UAE’s unbanked population with financial services that suit their needs. Our collaboration with Edenred goes beyond providing payroll cards, whereby it also offers customers convenient money transfer facilities at competitive rates and more recently, our offering was complemented by the introduction of the Advance against Salary. Our partnership with Edenred has grown multifold and we aim to continue strengthening it in the years to come.”
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About Edenred UAE
Edenred UAE is a fast-growing payroll service provider serving more than 2,000 companies, 1 million employees, over 10 banks and 30 financial institutions. Operating out of Dubai since 2008, Edenred remains committed to empowering your economy by simplifying payroll for businesses and improving the quality of life for employees with two intuitive products. The C3 online portal allows companies to efficiently manage the salaries of all their employees in one place and in compliance with the Wage Protection System established by the UAE Central Bank. The other product is MyC3card, a mobile app linked to a MasterCard, which enables employees, mostly unbanked or underbanked, not only to access essential financial services but to leverage personal wealth with elevated features relevant to their needs (such as money transfer, salary advance and mobile top-up) at minimal prices.
www.edenred.ae
About Edenred Worldwide
Edenred, the global leader in payment solutions for the working world, connects 830,000 corporate clients, 47 million employee users and 1.7 million partner merchants across 45 countries. Thanks to its global technology platform, the Group managed 2.5 billion transactions in 2018, primarily carried out via mobile applications, online platforms and cards, and representing more than €28 billion in business volume.
Edenred’s 8,500 staff are driven by a commitment to improving employees’ quality of life, increasing companies’ efficiency and boosting merchants’ revenues. They achieve this through three business lines:
⦁ Employee Benefits (food, meals, well-being, leisure, culture and human services)
⦁ Fleet & Mobility Solutions (fuel, tolls, maintenance and business travel)
⦁ Complementary Solutions, including Corporate Payment Services (virtual payment cards, identified wire transfers and supplier payments), Incentives & Rewards (gift cards and platforms, and incentive programs), and Public Social Programs.
Edenred is listed on the Euronext Paris stock exchange and included in the following indices: CAC Next 20, FTSE4Good, DJSI Europe and MSCI Europe.
For more information: www.edenred.com
The logos and other trademarks mentioned and featured in this press release are registered trademarks of Edenred S.A., its subsidiaries or third parties. They may not be used for commercial purposes without prior written consent from their owners.
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About RAKBANK
RAKBANK, also known as The National Bank of Ras Al Khaimah (P.S.C), is one of the UAE’s most dynamic financial institutions. Founded in 1976, it underwent a major transformation in 2001 as it rebranded into RAKBANK and shifted its focus from purely corporate to retail and small business banking. In addition to offering a wide range of Personal Banking services, the Bank increased its lending in the traditional SME, Commercial, and Corporate segment in recent years. The Bank also offers Islamic Banking solutions, via RAKislamic, throughout its 36 branches and its Telephone and Digital Banking channels. RAKBANK is a public joint stock company headquartered in the emirate of Ras Al Khaimah and listed on the Abu Dhabi Securities Exchange (ADX). For more information, please visit www.rakbank.ae or contact the Call Centre on +9714 213 0000. Alternatively, you can connect with RAKBANK via twitter.com/rakbanklive and facebook.com/rakbank .
For media enquiries, please contact:
Fatima Kloub
Fatima.kloub@rakbank.ae
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