Commercial Bank of Dubai to give Rateb customers access to NOW Money
Commercial Bank of Dubai (CBD) has signed a partnership agreement with app-based, NOW Money, to provide accounts and cards for low-income customers with a monthly income of AED 7000 and below. The partnership will open accounts for current CBD Rateb customers immediately on NOW Money.
NOW Money works with companies as a payroll service, creating a payroll portal with every employee receiving a NOW Money account, card and an app, which gives them the ability to remit money overseas safely and quickly at low cost. NOW Money and CBD believe that the partnership will empower companies to provide a personal and convenient financial experience that has been lacking in the market to date. These accounts will also be offered to customers currently not banking with CBD.
NOW Money’s cofounder Ian Dillon pointed out that the agreement is in line with UAE’s 2021 Vision goals to provide quality financial services to people from any economic background.
"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.”
According to information shared with SME10x around the announcement, 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. Communication through the app is multilingual, making it easy for low income employees to use them easily.