CBD and NOW Money to provide financial inclusion across the UAE

By Edil Corneille

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

NOW Money will open accounts for existing CBD customers (previously known as Rateb customers) with immediate effect, allowing these customers to benefit from a digital experience that is said to be without friction and avail a range of 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.

NOW Money’s cofounder Ian Dillon enthused, “We’re thrilled to be partnering with CBD.”

“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, cofounder, NOW Money enunciated.

Dr. Bernd van Linder, Chief Executive Officer, Commercial Bank of Dubai elucidated, “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.”

Amit Malhotra, General Manager – Personal Banking Group, Commercial Bank of Dubai apprised, “At CBD, we are constantly working on enhancing our products and services to cater to all of our customers’ financial needs. Our partnership with NOW Money will enable us to provide a holistic banking experience to our low-income customers through our award-winning mobile banking platform. 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.”