Payroll solution's success recognised by ICAEW, Harvard, and AUD

Abu Dhabi (September 5th, 2013) - The National Bank of Abu Dhabi's (NBAD) payroll solution, Ratibi Card, which provides financial services to around 500,000 workers in the UAE currently, has been selected by international organisations and academic institutions as a successful model to extend banking products to the unbanked segment of society.

The ICAEW (Institute of Chartered Accountants in England and Wales) identified NBAD's Ratibi Card as case of success to be studied by accountants, and students of Harvard University and American University of Dubai (AUD).  The ICAEW, which aims to create awareness of sustainability and social entrepreneurship among accountants, called the Ratibi Card 'an inspiration'.

"The Ratibi card is a great example of an innovative idea that helps thousands of people to better manage their finances" said Peter Beynon, Regional Director, ICAEW, Middle East. "Through this initiative, NBAD is bringing simple and secure banking to people who would not otherwise be able to afford it, and ICAEW salutes their achievement."

To model the success of the Ratibi card as a tool to bring banking to the unbanked population, ICAEW organised, with NBAD's contribution, the Ratibi Card Case Study in which Harvard and AUD students analysed the challenges and solutions to bank the unbanked segment of society. Their study concluded by learning about the success of NBAD Ratibi card.

"It is a great honour that prestigious international organisations and academic institutions have recognised that the Ratibi Card is truly an example of shared value which addresses a social issue through a business solution.  It delivers a a much needed service by bringing banking services to a segment of society that would otherwise have no access to it," said Ahmed Al Naqbi, the Head of Strategic Business Ventures and Innovation at NBAD.

NBAD's Ratibi Card, offered to nearly 500,000 people, allows employers to credit their employees' salaries of up to AED 4,999 a month on a card, which provides the employees the benefits of a MasterCard card usable at millions of ATMs and merchants worldwide.

Moreover, NBAD offers life insurance to the cardholders of up to five times their salary. The life insurance provides coverage to the card holders and their family in case of death or accident. NBAD is the first and only bank to provide life insurance coverage to under-banked consumers at no cost to them.

"Ratibi Card has allowed workers to have access to their funds throughout the world. Its real service is that it has allowed a segment who may never have had the chance to a bank account, learn and experience the benefits of having one," Mr. Al Naqbi said. "In addition to providing them worldwide access to their money, the Ratibi Card has added the security of life insurance coverage to a segment of society that greatly needed this service. This is especially important because many of them work in jobs that are vulnerable to accidents."

The Harvard and AUD students who participated in Ratibi Case Study presented their studies, which included challenges and proposed solutions to extend banking services to the unbanked.

NBAD, which encourages and promotes initiatives that expand banking benefits to the unbanked, awarded three iPads to students whose work was judged quality by organisers.

-Ends-

Captin: Students at ICAEW's Card Case Study session on NBAD's Ratibi.

About NBAD
The National Bank of Abu Dhabi (NBAD), The Number One Bank in UAE, was incorporated in 1968 and is listed on the Abu Dhabi Securities Exchange (ADX), under stock code (NBAD).

Ranked as one of the top 50 safest banks in the world since 2009, NBAD currently operates across 17 countries on five continents. NBAD has a network of 125 branches and more than 580 ATMs to provide banking services to customers all over the UAE. Besides bricks & mortar branches, NBAD provides 24 hour internet banking access through NbadOnline and NbadDirect, the SMS-based payment service (Arrow) as well as account access and personalised customer support through its 24-hour Call Centre.

NBAD's overseas network stretches from the Far East to Americas.

NBAD provides its customers with a wide variety of financial services targeting all segments of the consumer and corporate markets.

NBAD aims to support the long-term prosperity of our people, our customers and the communities in which we do business by being transparent and responsible. The Bank is ranked 3rd on the S&P/Hawkamah ESG Pan Arab Index out of the top 50 Pan Arab companies based on their performance on nearly 200 environment, social, and governance metrics.

NBAD is rated senior long term/short term A+/A-1 by Standard & Poor's (S&P), Aa3/P1 by Moody's, AA-/F1+ by Fitch, A+ by Rating and Investment Information Inc (R&I) Japan, and AAA by RAM (Malaysia) , giving it one of the strongest combined rating of any Middle Eastern financial institution.

For media enquiries, please contact:
Ehab Khairi                                
Senior Manager, Media & PR - VP, Corporate Communication 
National Bank of Abu Dhabi (NBAD)
Tel: +97126111190
Email: ehab.khairi@nbad.com 
Web: www.nbad.com

© Press Release 2013