Commercial Bank of Dubai (CBD) has signed an agreement 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 low-income customers (previously known as Rateb customers) with immediate effect, allowing these customers to benefit from the digital experience and a range of low-cost financial services.
These accounts will also be offered to customers currently not banking with CBD.
“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.”
said Ian Dillon, Co-founder of NOW Money
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.”