Commercial Bank of Dubai, NOW Money ink partnership

NOW Money will open accounts for existing CBD low-income customers

  
A man cleans the windows of a branch of the Commercial Bank of Dubai on Baniyas Road in Dubai February 6, 2012.

A man cleans the windows of a branch of the Commercial Bank of Dubai on Baniyas Road in Dubai February 6, 2012.

REUTERS/Nikhil Monteiro

UAE - Commercial Bank of Dubai (CBD) has signed a partnership agreement with NOW Money, the digital account service, to provide accounts and cards targeted specifically at low-income customers.

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."

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.

 

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