Dubai, UAE – August 14, 2024: NOW Money, a leading fintech that provides banking and payroll solutions to the underbanked migrant population in the Middle East, today announces its new strategic partnerships with Commercial Bank International (CBI) and Network International (Network).
These agreements mark a significant milestone in NOW Money’s mission to provide accessible and inclusive financial services to the underserved migrant worker population in the GCC. These collaborations will empower NOW Money to offer even more comprehensive banking solutions to its customers by leveraging the strengths and expertise of these organisations
The partnership with Commercial Bank International will enable NOW Money to leverage CBI’s robust banking infrastructure and expertise to enhance NOW Money’s capabilities to deliver efficient, secure, and comprehensive banking solutions to its users. With CBI’s support, NOW Money aims to expand its product offerings, providing more seamless and integrated financial services to its growing customer base.
Network will be NOW Money’s key partner in payment processing. Integrating Network International’s sophisticated payment solutions will enable NOW Money to offer faster, more reliable, and more secure transactions, significantly improving the financial experience for its users. This partnership is set to bolster NOW Money’s operational efficiency and scale its offering to meet the increasing regional demand for more sophisticated digital financial services in the region.
Nicolas Andine, CEO at NOW Money, commented: “These agreements will further champion financial inclusion, advance banking security and bring greater innovation to the digital banking ecosystem for businesses, and most importantly for low-income workers, across the UAE in an increasingly cashless society.”
“Our first priority has always been our customers and users and we want to make sure we offer them a best-in-class digital payroll and mobile banking experience combined with local hands-on customer service. We will continue to deliver the very best experience to our customers, and we look forward to the next chapter with our new banking partners.”
Giovanni Everduin, Chief Strategy & Innovation Officer at CBI, commented: “A core part of our strategy is to focus on partnership-driven innovation to serve the vision of the UAE’s leadership to become a leading financial services hub.
“Working with partners like NOW Money and Network International reflects our ambition to increase the supply of sophisticated digital financial services in the country and to further drive financial inclusion as part of our standing commitment to sustainable finance.”
Navneet Dave, Managing Director & Co-Head of Processing – Middle East at Network International, commented: “We are thrilled to be NOW Money’s chosen partner to expedite the expansion of payroll cards in the UAE. We are committed to supporting NOW Money’s growth strategy of promoting financial inclusion by providing innovative payment solutions. With Network’s exceptional technological capabilities, serving over 200 financial institutions, we will enable NOW Money to bolster its presence in the UAE as one of the leading payroll services providers.”
Somu Roy, Managing Director UAE, Group Processing at Network International, said: “We are delighted to assist NOW Money in growing its payroll operations in the region while financially empowering people and businesses. Our collaboration builds on Network’s 30 years of experience and expertise in creating world-class digital payments infrastructure and services for clients.”
NOW Money’s innovative approach to mobile banking has already positively impacted the lives of many in the Middle East, with 10,970,647 transactions processed through the platform and AED 2,807,504,300 in salaries paid by over 511 responsible employers.
The strategic alliances with CBI and Network align with NOW Money’s vision to empower the unbanked population by providing them with the tools and resources needed for financial independence. NOW Money continues to lead the charge in the fintech industry, driving forward with its mission to create a more inclusive financial ecosystem.
For more information about NOW Money and its services, please visit www.nowmoney.me.
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For media inquiries or interview requests, please contact:
Liz Ashworth
NOW Money
Email: pr@nowmoney.ne
About NOW Money
Founded in 2016, NOW Money provides mobile banking services for workers of all income levels, who may have previously found themselves overlooked and underserved. Financial inclusion is at the heart of NOW Money in its aim to provide equal access to financial services.
NOW Money gives all customers access to its mobile banking app, providing low-cost financial services including local and international mobile top-ups, use of a contactless Visa card for online and card transactions and cross-border money transfers at the lowest exchange rates to send money to their families back home. The social enterprise has won over 20 awards internationally for financial inclusion and is backed by the world’s best-known fintech venture capital funds, banks and regulators.
To find out more about NOW Money, visit https://nowmoney.me/ or follow on LinkedIn.
About Commercial Bank International (CBI)
CBI is a UAE based corporate and retail Bank, with a growing Islamic banking business. The Bank was incorporated in 1991 in the Emirate of Ras Al Khaimah and is headquartered in Dubai.
CBI shares are listed on the Abu Dhabi Securities Exchange (ADX) and the Bank has a long-term issuer default rating of BBB+ and a short-term issuer default rating of F2 from Fitch Ratings. CBI is regulated by the Central Bank of the UAE and the Securities and Commodities Authority of the UAE (SCA).
CBI is majority owned by UAE shareholders and Board members are majority UAE nationals. CBI offers a comprehensive portfolio of banking products, as well as tailor-made financial solutions in corporate, Islamic and retail banking, ranging from lending, trade services, cash management and treasury solutions to personal account services and credit cards.
For further information, please contact Toufik Osman on toufik.osman@cbi.ae.
About Network International
Network International is the Middle East and Africa’s largest and leading digital payments company. Our purpose is to help businesses and economies grow by simplifying payments and commerce. We operate in 50+ countries serving governments, banks, fintechs, merchants and public sector companies. We have 2,000+ employees based in our markets serving over 200 financial institutions and 120,000+ merchants.
Corporate Communications
Network International
Dubai, UAE
Tel: +971 4 303 2431
Email: lambert.espedido@network.global
Srishti Soni
Burson, Dubai, UAE
Tel: 971-4-4507600; Fax: 971-4-4358040
Email: Srishti.Soni@bcw-global.com
